Bank of Finland paper calls digital currency a ‘fallacy’


Crypto assets have “muddled” the financial sector’s sense of “fact and fiction”, according to an official at the Bank of Finland.

In his paper, The Great Illusion of Cryptocurrencies, Aleksi Grym says “cryptocurrencies” are not currencies at all. “The concept of digital currency is… a fallacy, as currency cannot be digitised. When money is digital, it takes the form of account balances,” he writes.

Grym explains crypto assets do not allow direct transfers without intermediaries, contrary to

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