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Davos 2019: Crypto is Not a Threat to Traditional Banks, Believe Bank of England’s Officials

Davos 2019: crypto is not a threat to traditional banks, believe bank of england’s officials

Davos 2019: Crypto is Not a Threat to Traditional Banks, Believe Bank of England’s Officials

Photo: world economic forum / facebook

Photo: World Economic Forum / Facebook

While crypto enthusiasts strongly believe in the potential of crypto assets to replace traditional units of exchange despite the market’s high volatility and lack of stability, supporters of traditional financial systems say that crypto assets have no chance.

Nevertheless, it doesn’t mean that Bitcoin and other cryptocurrencies do not attract the public’s attention anymore. Still, they are being widely discussed by a lot of prominent members of established institutions and Huw van Steenis, the senior adviser to Bank of England Governor Mark Carney, is one of them.

No Worries about Cryptocurrencies

Speaking about the prospects of the financial system on the sidelines of the 2019 World Economic Forum in Davos, Switzerland, Van Steenis noted that today many banking institutions are losing their heads trying to win the competition with the emerging technology, but in his opinion it’s absolutely senseless to worry even about the major cryptocurrencies without speaking about the smallest ones.

He explained that in his opinion digital assets could not compete with the traditional systems. He said:

“I’m not so worried about cryptocurrencies. They fail the basic tests of financial services. They’re not a great unit of exchange, they don’t hold value, and they’re slower. One of the biggest challenges for the BOE will be how to regulate new entrants to the banking system, particularly from technology firms.”

Nevertheless, according to Van Steenis, fintech companies have a real obsession with their customers, they listen to them and try to give them what they want. And as for services, it is quite obvious that customers want them to be cheaper, faster and more effective and digital services providers are actively working in this direction.

The task for traditional banks is to manage to innovate timely and to get their customers. Van Steenis also said that one of the main goals for the United Kingdom is to become “vibrant center” for fintech in the following 5-10 years.

No Threat to Financial Stability

In March 2018, Mark Carney, who is the governor of the Bank of England, stated that cryptocurrencies don’t pose a threat to global financial stability.

In his opinion, the innovative crypto technologies could be even used to boost the development of the global economy and to enhance the effectiveness of the financial system in case they are implemented in a proper way.

Carney’s assessment was based on the fact that despite the entire hype around crypto assets, in reality, they were very small relative to the financial system. Even when they were at their peak, their combining market value amounted to less than 1% of the world’s combining GDP.

UK and Crypto

But it’s also worth mentioning that while some prominent figures in the financial industry do not take cryptocurrencies seriously, some members of the UK government want to support the mass adoption of digital assets.

For example, Eddie Hughes proposed to allow UK residents to pay their local taxes and utility bills using Cryptocurrency.

Published at Tue, 22 Jan 2019 09:33:47 +0000

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Selecting the Best Accessories for Your Cell Phone

Communication is essential in today’s busy world. Everywhere you turn, people are talking, texting blogging and surfing the Internet on their cell phones. With increased use, functionality and popularity, cell phone accessories were created to make toting around your portable device and staying connected 24/7 easier than ever before.

The Types of Cell Phone Accessories

When people hear the phrase, cell phone accessories, they often think of cases, covers and aesthetic additions to the cell phone. Cell phone accessories are not limited to aesthetics. There are many choices in the accessory market that prove more functional than beautiful.

For the MP3 compatible phone, there are accessories to listen to the music through your car speakers, portable speakers and charging devices that are essential due to the battery spent while listening to music. This is just one example of cell phone accessories that are more functional, common categories include batteries, Bluetooth, cases, clips, car chargers, home chargers, USB cables, car kits, mounts, wireless kits, downloads, applications and more.

How to Choose the Best Accessories

The first step in choosing the best cell phone accessories is understanding the model number of your phone. There are phone names and then there are model numbers. The Motorola Razr, for instance, is a phone name. Under that name there are many different models. The V3i offers integrated iTunes and will require an additional battery or portable charger on a regular basis. Other Razr models will not fit the same accessories as the V3i, or other Razr model numbers.

Once you know the name and model number of your cell phone, many manufacturers and online retailers will list the available accessories. Just because an accessory is available for one cell phone does not mean it will be available for every cell phone. This means researching the accessories available for a cell phone before choosing the phone may be a money saving option in the long run.

Another huge factor in choosing the accessories for your cell phone is your daily life. If you use your cell phone in the car, a car mount will increase safety. If you use your phone only occasionally, a Bluetooth earpiece may not be something you will benefit from. The idea is to ask yourself these questions:

  • What do I do with my cell phone every day?
  • Do my activities require additional battery life?
  • Am I using my cell phone to its full capacity?
  • Is the accessory cost going to be recouped in ease of use?
  • Will I use the accessory every day?

Cell phones are available all over the world; keeping people connected to each other 24 hours a day, seven days a week. This constant connection and the huge increases in network speeds and connectivity between the Internet and the cell phone point toward the accessory market. The more your phone can do the more accessories available to make that cell phone and your use of the cell phone, all the easier and more productive.

The post Selecting the Best Accessories for Your Cell Phone appeared first on Mokey International.

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