There’s no immediate proof that bitcoin will become a fully-fledged cryptocurrency, believes a Latin-American regulator.
According to a report published by Central Bank of Chile (Banco Central de Chile(BCC)), digital money is too immature and only at the beginning of its development phase to be a likely replacement for fiat currency.
“At the moment there’s no evidence to conclude that bitcoin or any other cryptocurrency can be a substitute for fiat currency,” states the report.
The BCC added that blockchain growth is not easy to evaluate and digital assets considerably give way to traditional currencies. Transaction processing on most networks is slow, whereas the number of companies accepting bitcoin is inconsiderable.
But this could change in the future if technological and legal limitations decline and allow for broader mass adoption and greater utility, mentions the same report referencing the Bank for International Settlements (BIS).
Yet, in 2019, customers of the following companies have got a chance to pay with digital money – H&M Distributors, GridPlus Energy, as well as Argentina’s public transport. In January Bitcoin transactions volume reached 9 million, the highest since December 2017.