\n pressure on normal depositors, virtual currencies have been
\n growing exponentially. One recent example came after the financial crisis in Cyprus<\/a>, when people with
\n deposits above 100,000 euro were deprived of up to 30% of their
\n savings. This shook faith in traditional banking and made Bitcoin
\n an overnight sensation. Its exchange rate swung by hundreds of
\n dollars in a few hours, ranging from between $100 and $140,
\n according to bitcoincharts.com<\/a>. The numbers are really high for a
\n currency that relies on an electronic code and a network of
\n anonymous helpers instead of a central government.\n<\/p>\n
\n ![\"George](\"http:\/\/rt.com\/files\/news\/1f\/4c\/e0\/00\/bitcoin-2.jpg\")
<\/p>\n
\n \u201c\u2026 global central banks are coming out and saying: we have the
\n policy that\u2019s going to make your money work less, so people are
\n looking to other channels to look towards,\u201d<\/i> said Hartwell.\n<\/p>\n
\n Despite all the scrutiny virtual currencies are now facing,
\n \u201cthey are going to be more sophisticated, they are going to be
\n different from Bitcoin,\u201d<\/i> the SKOLKOVO expert said.\n<\/p>\n
\n \u201cWe\u2019ve just started that tinkering experiment with the limits
\n of that free banking of alternative currencies. \u2026 They are going
\n to be better and tougher to get into, we are going to see more
\n proliferation in the future. \u201d<\/i>\n<\/p>\n
\n The official stance is not that optimistic, with the US
\n authorities claiming they are well prepared to combat global
\n illicit finances. Mr Bharara classified the Liberty Reserve
\n indictment as “an important step towards reining in the ‘Wild
\n West’ of illicit internet banking.”<\/i>\n<\/p>\n
\n “As crime goes increasingly global, the long arm of the law
\n has to get even longer, and in this case, it encircled the
\n earth,”<\/i> he added.\n<\/p>\n
\n Though posing greater competition among currencies, the virtual
\n ones are not going to replace key traditional means of payment,
\n especially the US dollar.\n<\/p>\n
\n \u201cThe thing is that the US dollar remains the soundest bet
\n around \u2014 it\u2019s the best of a bad lot. Do you see what\u2019s happening
\n to the euro? Still going on. Cyprus \u2014 still shaking up. Greece \u2014
\n still shaking up. The euro was going to replace the dollar and
\n it\u2019s not. There\u2019s really nothing out there that\u2019s going to take
\n the dollar\u2019s place,\u201d<\/i> a SKOLKOVO expert concluded.\n<\/p>\n