Virtual Currency Impact on the Financial Ecosystem

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that the virtual currency on its advantages (anonymity, transaction cheapness and quickness), may soon displace the traditional currency and payment instruments. However, the increased use of virtual currencies and the central banks of the competent authority is considering to introduce a regulation and this measure. According to analysts of SEB Bank, introduction of legal regulation of this money, they lose their unique advantages and is unlikely to be significantly superior to the existing payment instruments (Lithuanian Macroeconomic Review 2013). Virtual currency still marked by instability, it is a very volatile price, and the reason has prevented them from reverse current world currencies. Also, as I mentioned, a virtual currency has been secured against online hackers who can break not only in the virtual people money, but also in the virtual exchange. It is in this currency so far does not particularly attractive, because there is no virtual currency to protect users and the losses incurred mostly compensated. For example, over a period of three years from 40 offices it closed down by 18 and only a portion of their money returned to consumers. Virtual currency exchange office lost money or disruption of its operations, there is no specific legal protection measures "(Bank of Lithuania in 2014). It would not be out until at least solve problems related to security, some consumer protection and the stability of the value of the virtual currency will not have sufficient confidence and should not become widely used tool.

In summary it can be said that virtual currency is primarily active in the financial ecosystem through increasing competition. Popularity of virtual currency will encourage banks to develop financial innovation, which should be even more comfortable, safer, cheaper and successfully compete with virtual currencies, and encourage people to use banking services. Driven by regulatory and development, and the emergence of new rules. New settlement systems should include virtual currency dealers. It should also provide the tools to prevent financial crimes settlement virtual currency. However, it is mostly talk about the fact that the virtual currency can displace traditional currencies. Considering the fact that new improved virtual currency, which addresses the shortcomings of previous currency, it is likely that more and more enterprises and service providers as one of the means of payment, will offer to pay virtual currency. However, I believe that the virtual currency is likely to remain only one of the settlement alternatives, not commonly used for billing tool, mainly because of their potential regulation that would reduce, some of the advantages of virtual currency, and the emergence of new financial innovation.

Literature sources

1. EBA. EBA Opinion on ‘virtual currencies’ [interaktyvus]. Europeas banking authority, 4 July 2014. [žiūrėta 2015 m. gegužės 1 d.]. Prieiga per internetą: https://www.eba.europa.eu/documents/10180/657547/EBA-Op-2014-08+Opinion+on+Virtual+Currencies.pdf

2. ECB. Virtual currency schemes [interaktyvus]. European central bank, October, 2012. [žiūrėta 2015 m. gegužės 2 d.]. Prieiga per internetą: https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf

3. Lietuvos makroekonomikos apžvalga [interaktyvus]. SEB, Nr. 54 2013 m. gruodis. [žiūrėta 2015 m. gegužės 1 d.]. Prieiga per internetą: https://www.seb.lt/sites/default/files/web/document/lietuvos_makroekonomikos_apzvalga/lma54.pdf

4. LIETUVOS BANKAS. Įspėjimas dėl virtualių valiutų [interaktyvus]. Lietuvos bankas, 2014 m. sausio 31 d. [žiūrėta 2015 m. gegužės 2 d.]. Prieiga per internetą: https://www.lb.lt/n22642/ispejimas_bitcoin.pdf