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The World Bank elaborated on the profitability of cryptocurrencies in Europe and Central Asia

The World Bank (WB) advises European and Central Asian countries to use blockchain technology in its new “Cryptocurrencies and Blockchain” report.

“With economic growth in Europe and Central Asia having peaked, following 2.7% growth in 2017 and a projection of 2.3% for 2018, countries in the region should take advantage of new digital technologies to innovate and improve their services,”- the report reads.

“Many countries in Europe and Central Asia have proven to be fertile ground for the development of cryptocurrencies and blockchain technologies,” said Hans Timmer, World Bank Chief Economist for Europe and Central Asia, at the report launch in Tbilisi.

As stated earlier by the vice-president of the “Prime Capital” Engineering Company Svetlana Ivanova, the popularity of investing in bitcoins will grow over time upt to the point when it will be competitive to gold. The expert believes that bitcoin is a more appealing investment because of its greated mobility and divisibility.

“One more reason that will help Bitcoin to become the major haven asset lies in the fact that Bitcoin has come to take up the position comparable to that occupied by the U.S. dollar among the fiat currencies: all cryptocurrencies are denominated in Bitcoin and appreciated against it. It was the first one to emerge, and it created the whole world of cryptocurrencies, while its technical deficiencies cannot outweigh this initial advantage,” – Ivanova noted.

According to the Head of the Russian Association of Blockchain and Cryptocurrency (RABAC), the main advantage of such a currency is that it cannot be altered, stolen or counterfeited.

“It works on a huge number of nodes simultaneously. Any alterations are impossible,” – Pripachlin told on radio “Sputnik”, while noting that cryptocurrencies become more and more popular worldwide.

He also added that the market price of each given cryptocurrency reflects a general degree of confidence in it. Yuri Pripachkin is very optimistic about the future of cryptocurrencies in general and Bitcoin in particular. According to his earlier forecasts, bitcoin price may reach $ 50 000 per coin by the end of this year.