The Use of Virtual Financial and Monetary Instruments is Soaring. How Urgent is Their Regulation?


  • Narciz BALASOIU Academy of Economic Studies – Faculty of International Business, Bucharest, Romania


Technologically advanced companies attract more advanced businesses in the field of AI or adapt their business more easily to everyday realities. This allows them to accumulate capital more easily, with fewer human resources, giving sustainability to the business in the long run, but not to the society. The incredible speed with which technology has developed has often left a gap in the regulation or legal requirements of new technologies. The lack of this regulation has become extremely visible in the field of cryptocurrencies, virtual money, without necessarily having an intrinsic value, which, however, circulate unhindered and produce effects on the entire chain of economic value. KEYWORDS: cryptocurrencies, regulations, bitcoin, blockchain, financial technology