Norway Finance Minister: Crypto Will Lead to “Greater Breakthroughs,” Sees “Great Interest” in them
But that will happen over time with developments; for now, crypto needs to be properly regulated, said Jan Tore Sanner.
Government officials have more or less the same thoughts about cryptocurrencies which revolve around them being speculative and having no intrinsic value. But the finance minister of Norway seems to have broken away from the litany of Bitcoin critics.
According to Jan Tore Sanner, cryptocurrencies will move past the volatility at some point and experience a period of “breakthroughs.” He said in an interview on Tuesday,
“It is clear that there may be a development over time, whereby you will be able to get more stabilization mechanisms in the currencies that can lead to greater breakthroughs and upheavals in the slightly longer term.”
However, for now, the finance minister warned that it’s “not a market I would recommend consumers to enter.”
Unlike Sanner, the governor of Norway's central bank, Oystein Olsen, doesn’t really see much in Bitcoin. But Kjell Inge Rokke, the billionaire owner of one of the country’s biggest corporate empires, is a Bitcoiner and sees it “on the right side of history.”
Sanner said, in order for cryptos to go mainstream, they need to be properly regulated, on which European authorities are currently working, but until then, they remain “popular with criminals,” he added.
Earlier this week, as part of new measures to fight money laundering, the country's financial watchdog urged consumers to be cautious before putting their money into crypto, digital art, or precious metals.
While the threat to mainstream markets from the volatility in crypto assets is currently “rather limited,” it can change if they become “a more established asset among larger corporates and financial companies,” said Erik Thedeen, the head of Sweden’s Financial Supervisory Authority this week.
But according to Sanner, it should be up to people if they are comfortable investing in Bitcoin though he doesn’t feel it is ready to be used as a substitute for money.
“There is no doubt that there is great interest in cryptocurrency both in Norway and internationally,” Sanner said. “But so far, it has been unsuitable as a means of payment.”