The ECB called cryptocurrency “a pitiful excuse for money”
Cryptocurrencies are “a pitiful excuse of money,” reads the statement of the member of the governing Council of the ECB Benoit Coeure (Benoit Coeure).
“Next week the country’s “big twenty” (G20) will discuss bitcoin and other electronic currency based on blockchain technology. These cryptocurrencies are a pitiful excuse of money,” – quoted the Priest in a statement posted on the ECB website.
He added that almost no one evaluates the goods in bitcoins, a few use cryptocurrency for payments, and as a means of savings, they are not better than gambling in a casino. “Politicians are rightly concerned with unauthorized use of cryptocurrencies by consumers and investors,” – said a member of the governing Council of the ECB.
However, the Priest acknowledged that while bitcoin and other cryptocurrencies is something like a Mirage, they can be a sign of change as well as handheld computers were predecessors of modern smartphones. In addition, he believes that given the current trends in cryptocurrency is a good time to more carefully think about the future of money.
The priest added that the experiments with the models of financial institutions, which will be based on blockchain technologies and underlying assets in the form of bitcoin did not show favorable results, however, technology is evolving pretty quickly.
In early March, Russian Deputy Finance Minister Sergei Storchak said that the Finance Ministers of the G20 at a meeting in Argentina are planning for the first time to discuss the issues related to cybersecurity, pineham and cryptocurrencies. In February, the Ministers of Finance and heads of Central Banks of France and Germany was encouraged to make the discussion of regulation of cryptocurrency in the agenda of the upcoming summit of “big twenty”.