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Our correspondent caught up with Petko Draganov, Deputy Secretary-General of UNCTAD who was asked what he thought about the emergence of cryptocurrencies and their influence on the economy.
“[I have] no interest in cryptocurrency. Bitcoin is not making a difference today to what I do. I look at the world economy. Is China going to grow 8 percent, 7 or 6 percent?…Is America gonna grow at 3 or 2 percent? Is the oil price going to be 110 or 90 USD? Bitcoin doesn’t matter to any of the big questions that I’m going to answer.”
“Maybe if it was 10 percent of world currency transactions. The world forex daily volume is 2 trillion a day so you need to see 200 billion dollars a day of transactions in that currency. You need to see the world economy as 75 trillion dollars. You told me Bitcoins are worth 12 billion… it’s incredibly small.”
“It’s not going to do it this year, next year or the year after,” said Mr. Draganov dismissively when asked when this event could potentially occur but admitted that there are some “intelligent people that I like who are paying more attention to it [Bitcoin]” than he is.
“It’s not forbidden [in Finland] and there are cryptocurrencies,” said Thomas Palmgren, Specialist at The Federation of Finnish Enterprises, Member at European Economic & Social Committee (EESC), Board Member at Oy Forcit Ab, “I think it will [grow] as long as the security problem is addressed like money vanishing etc.”
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One fine body…