Cryptocurrencies grant an easy-to-use, digital option to fiat currencies. People from the US or EU may see cryptocurrencies as an innovation, but there are numerous countries with confounded domestic currencies.

The official acknowledgement to cryptocurrencies has been lukewarm at best over central banks and economic institutions. While other institutions have been very supportive of the cryptocurrency, some central banks continue to be cautious given the market’s utmost volatility.

Here are some of the major government responses to cryptocurrency:

United States Federal Reserve

The Chairman of the U.S. Federal Reserve, Jerome Powell holds that technical issues, governance and risk control will be critical before cryptocurrencies become part of the mainstream society.

European Central Bank

The former Vice President of the European Central Bank, Vitor Constancio termed Bitcoin a “tulip” on the 17th-century bubble in the Netherlands and several other governors have stated similar skepticism.

Bank of England

Governor Mark Carney of the Bank of England described cryptocurrencies part of a “revolution” in finance, making the central bank one of the several governmental advocates of the technology.

People’s Bank of China

The People’s Bank of China holds that conditions are “ripe” to adopt cryptocurrencies, but the central bank requires full control and authorities are limiting the cryptocurrency ecosystem in the country.

Bank of Japan

The Bank of Japan as of the moment does not see any possible market for cryptocurrencies.