The main challenge for central banks and supervisory institutions, not only in the European Union but also in the world is to create, in the nearest future, appropriate regulations concerning digital currencies, such as Libra.
The banking sector is facing another revolution — the competition of global corporations, such as Facebook, Google, Amazon, Apple, and Alibaba. Their strength will force banks to restructure, but it may also push some of them out of business.
For the first time, the Bank for International Settlements in its annual report has devoted a special chapter to cryptocurrencies. The BIS indicates that cryptocurrency technology cannot become a substitute for the existing solutions in the scope of issuing money.
Real currencies have its electronic form as entries in bank accounts. Cryptocurrencies should not be identified with real currencies, says Adam Tochmański, the director of the Poland’s central bank, NBP Payment Systems Department.