If such a scenario materialises, financial regulation and oversight will no doubt change beyond recognition to cope with the new financial landscape that will go hand-in-hand with a bigger role for virtual currencies. We are not there yet, and not likely to do so in the foreseeable future. 57.
No currency is safe as such, but there is greater comfort in a currency issued by a sovereign, and regulated by an official institution. The virtual “currencies” making the headlines do not offer such comfort, even if they offer greater convenience in settlements in some cases. Additionally, some have a high degree of anonymity and can be misused for criminal activities.