10:06ECB Executive Talks Bitcoin, Archegos, And Digital Euro
A Correction On The Cards?
“As we are still far from reaching our inflation aim of below, but close to, 2%, a sustainable rise of inflation in the direction of 2% would be good news. That would mean that the economy is gaining momentum and aggregate demand is increasing. 2/14”
A Need For Stricter Regulation Of Funds
She described it as a "remarkable" incident highlighting the problems that a lack of regulation can bring about.
Bitcoin An Oddity, Not A Currency
"It is wrong to describe bitcoin as a currency because it does not fulfill the basic properties of money."
She described bitcoin as a speculative asset instead of a currency, an asset subject to wild price swings and lacking any recognizable fundamental value. She disagreed with Tesla's Elon Musk but added that he is at liberty to have his own views about the matter.
Cannot Compare The Euro With Bitcoin.
She also stated that cryptocurrencies could lose their value completely, causing chaos in the financial markets.
“Trust in cryptocurrencies might rapidly evaporate, causing disruption in financials markets.”
Digital Euro In The Pipeline
However, she pointed out that the process is in a very nascent stage, with nothing concrete decided currently. She stated that a great deal of preparatory work needs first to be completed before the project receives the green light.
Timeline Not An Issue For The Introduction Of Digital Euro
She believes that people are more likely to trust the ECB regarding data protection and privacy, which would work in its favor when the ECB launches the digital Euro.
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