The European Central Bank Has Expressed a Position Regarding Bitcoin

The European Central Bank Has Expressed a Position Regarding Bitcoin

On March 12, 2019, the European Central Bank (ECB), on its official Twitter page, expressed a position on Bitcoin and cryptocurrency. The European Central Bank is the central bank of the single European currency, the euro. The position of the officials of this financial institution regarding cryptocurrencies is of genuine interest for the community.

Under the tag “Ask the ECB”, the bank’s chief economist Peter Praet answers questions of users. Responding to a question about Bitcoin’s attitude, Praet wrote, “The technology behind it looks promising for many industries. But bitcoin is not money.”

In fact, Praet admitted that the blockchain has a great potential. But he is skeptical about cryptocurrency.

Joseph Young, a well-known analyst and blogger expressed his opinion regarding the reasons for this attitude of the ECB to “digital gold”:

There is definitely a grain of truth in Joseph Young’s position. Supranational structures are not related to bitcoin emissions. This is partly why they are often critical of this coin.