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French banking analyst: Cryptocurrencies may not see the future because of their anonymity



The general director of the French bank Societe Generale Frederic Oudea says that digital currencies, such as bitcoin, face an uncertain future because of their anonymity.



09.Nov.17 2:18 AM
By Daria Zaytseva
Photo Toinnov.com

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French banking analyst: Cryptocurrencies may not see the future because of their anonymity

He argues that the virtual currencies are unlikely to survive in the long term as governments around the world are introducing steps to regulate them.

In an interview with CNBC on the sidelines of the Web Summit conference held in Lisbon, Portugal in early November 2017, Oudea said that the main advantage of Bitcoin and the other cryptocurrencies is its ability to provide anonymity to the individuals who are conducting the deals.

Despite his negative attitude to the virtual currencies, Oudea showed support for the technology behind them, blockchain technology or distributed ledger technology (DLT). Blockchain or DLT allows you to store data in huge volumes through a secure network of computers.

"I believe more in the technology of distributed ledger technology, where you have a certain set of players who are well-identified. We choose this mixture of crypto technology to protect transactions."

Oudea has demonstrated support for proposals that cryptocurrencies can be supported by fiat currencies. However, he expressed his concern that virtual currencies are too risky for basic use.





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