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Goldman enumerates the possible risks of Cryptocurrencies


Goldman Sachs Group Inc. is the most recent inclusion to the list of companies and Banks that think of Cryptocurrencies as a possible risk.

The bank recently reported in a filing with SEC, that despite the developing expertise in the field of ledger technology, this rising Digital Industry is vulnerable to cyber crimes and other online illegalities. According to them, if the financial statements and client activities are dispensed through ledger technology, risks of cyber attacks can never be blocked.

Last week, as Bank of America published a statement which warned the risks of ledger technology, Goldman seems to follow it’s footsteps and declare the same. Goldman is one of the prestigious investors in the payment startup chain which allows options to it’s customers to access bitcoin futures markets.

In the words of the company :

“Although the prevalence and scope of applications of distributed ledger technology and similar technologies is growing, the technology is also nascent and may be vulnerable to cyber attacks or have other inherent weaknesses.”

It is true, that, with the blooming interest of commoners in the Crypto sector, the rate of Cyber Offences have also increased. Perhaps, the company’s belief and concern about the potential risks of ledger technology might stand out to be a possible answer for the company’s lesser involvement in the Digital sector.

Also read:

Innovators to develop a “green” blockchain to reduce energy-consumptions.


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