Get yourself a crypto tee or surprise a crypto enthusiast in your life with our festive Coin Bureau Merch!
Finland Researchers Back Bitcoin
2 min read

Researchers at the Bank of Finland have praise for Bitcoin as “Revolutionary”

By Editorial Team

On the 5th of September 2017, Gur Huberman, Jacob Leshno and Ciamac Moallemi, respected Finnish Central Bank Research economists released a report into Bitcoin technology.

The report claimed that the virtual currency’s infrastructure provides a degree of protection against manipulation by bad actors through its protocol-layer dynamics.
The three stated that:

Bitcoin is a monopoly run by a protocol, not by a managing organization. Familiar monopolies are run by managing organizations with discretion to determine and then change prices, offerings and rules. Monopolies are often regulated to prevent or at least mitigate their abuse of power.

Due to the fact that Bitcoin runs a protocol, it has no need for government regulation. This is due to the fact that the network will always enforce Bitcoin’s code and because the users will determine fees according to the required transaction time.

A Forward Thinking Finland?

It is worth noting that the Economists do not speak for the Bank of Finland. Yet, they are official researchers in the Bank’s research arm and as such will probably have an receptive ears from the regulators.

This is not the first time that the Finnish central bank has opened up academic opinions on the blockchain and Bitcoin. In 2016, the bank hosted a seminar on blockchain technology which was attended by regulators, academics and companies.

Featured Image via Pixabay

Editors at large. Posting the latest news, reviews and analysis to hit the blockchain.
View all posts by Editorial Team -> Best Crypto Deals ->

Related Posts

FTX Exchange
Withdrawals not Halted at FTX: Instead Binance will Buy FTX
FTX Exchange

Withdrawals not Halted at FTX: Instead Binance will Buy FTX

November 9th, 2022 3 min read
OKX invests in WAX
OKX Blockdream Ventures Invests Millions in GameFi and NFT Development on WAX
OKX invests in WAX

OKX Blockdream Ventures Invests Millions in GameFi and NFT Development on WAX

June 3, 2022 2 min read
Binance partners with the weekend
Binance Partners with The Weekend to Provide First-Ever Web 3 Enhanced World Tour
Binance partners with the weekend

Binance Partners with The Weekend to Provide First-Ever Web 3 Enhanced World Tour

June 3, 2022 2 min read
21Shares Releases Sixth State of Crypto Report
21Shares Releases Sixth State of Crypto Report: Summary
21Shares Releases Sixth State of Crypto Report

21Shares Releases Sixth State of Crypto Report: Summary

June 2, 2022 3 min read
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand

Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand

June 2, 2022 2 min read
Regulators are “Not Allowing” Banks to Engage with Crypto
Bank of America CEO: Regulators are “Not Allowing” Banks to Engage with Crypto
Regulators are “Not Allowing” Banks to Engage with Crypto

Bank of America CEO: Regulators are “Not Allowing” Banks to Engage with Crypto

June 1, 2022 2 min read
US Conference of Mayors Introduces Blockchain Resolution
US Conference of Mayors Introduces Blockchain Resolution
US Conference of Mayors Introduces Blockchain Resolution

US Conference of Mayors Introduces Blockchain Resolution

June 1, 2022 2 min read