The World Bank’s Chief Economist also talks about challenges, naming the price and growing demand for electricity as the main problem. “Activities for cryptocurrency mining may easily grow dramatically, which means that electricity consumption will also grow rapidly. It is very difficult to plan this and the government will have work hard. They should be very careful,” – stated Hans Timmer. According to him, in future it will be necessary to regulate cryptocurrency sector and it should take the account of direction of transactions.
“In the long run, this regulation is necessary for the market system of cryptocurrency, as well as for existence of banking industry, so that there is equal room for both industries. They should have equal chances, equal opportunities and regulations should not be in favor of or harmful for only one direction,” – said Timmer.
