Electronic Money Supervisory Commission

Regulatory Topics

EMSCOMM conducts their second forum of the year

The electronic money supervisory commission, a commission who has the highest authority when it comes to crypto currency in Europe has conducted their second forum for this year at EU building in Belgium Brussels.

The forum has been divided into three parts. During the first part of the forum, economist and researchers about crypto currency all over the world presented their new researches, dissertations, books and talks about their new ideas to their fellow researchers.

The second part of the forum, focuses on crypto currency these days and how to make a soft landing between crypto currency and the economy. Exchanging of opinions and ideas from different researchers were discussed and entertained.

The third part of the event was the open forum or the open question between some invited reporters and commission members. During the previous years, the forum remained private amongst members only and did not allow any reporters or people from media to be part of the forum, but this year, the commission allowed the media to take part of the said event and even entertained their questions in a mannerly way. Many reporters were present during the said event including reporters from Europe and America. Reporters asked a lot of questions that the third part of the event got even extended.

Here are some of the interesting questions that was asked during the said forum:

“Many people keeps on saying that bitcoin is a bubble, most people even compared it to the TULIP BUBBLE saying that it will soon pop therefore making it a high in risk, what do you think about that?”

James SJ Harris – a head member of Emscomm answered the question, he said:

“Yes, tulip bubble was a real bubble that time, but we should also consider some facts. First, tulip bubble was a crisis made just in Netherlands, while bitcoin on the other hand is widely known and being used by people all over the world. Second, during the 17th century, information was really hard to get, sometimes information that was being disseminated was even imbalanced. But right now with bitcoin, you can get information easily using the internet. You can do research, calculate probabilities, and even gather data’s that can satisfy your curiosity about the said issue. That is why the tulip bubble and the bitcoin bubble are a little bit different.” James Harris explained.

He also added another example: “Google is the most famous company in the world, think about how many people has Google’s stocks right now? Compare it to how many people has bitcoin? Think who has the bigger people? How many people can know googles stocks price? And how many people can know bitcoins stocks? Just simply compare the two. A stock’s price would depend on interest and demand in market, and just like the stocks market, bitcoin price also depends on interest and demand in the cryptocurrency market right now.” “I am not saying that bitcoin is not a bubble, actually it is a bubble, but it is a whole new different bubble than the TULIP BUBBLE” – Harris added.

Another question was:
“What’s your expectation about bitcoin’s future? “ Genevie Williams also a senior member of the commission answered: “Bitcoin has growing potential or a possibility to become a reserve currency just like dollars, but of course still, bitcoin has many risk and problems that needs to be answered and solved first. Bitcoin should also need to continue to develop.”

She even discussed specific risk of bitcoin like Bitcoin vs china and the variants of bitcoin in the Chinese politics. The increasing number of “whales” (someone that has a lot of bitcoin that can manipulate bitcoin price). Different Mining Groups, and the risk on the security on crypto currency exchange markets.

In conclusion, the forum conducted was a success and had good results. Researchers were satisfied and happy with the outcome of the forum and they are excitedly looking forward on the next forum which will be on October 2018.