Bitcoin: Evil Source of Money Crisis, Says European Central Bank Senior Member

Nov 18, 2018 at 19:00 Update Date :Nov 27, 2018 at 10:00 UTC

This is an era where people are so fascinated about the new digital currency like Bitcoin, as they believe Bitcoin is the future currency of this generation because the way crypto is promoting it among the people is fantastic. However, there are also many people who never miss any opportunity to criticize Bitcoin and other cryptocurrencies.

The executive member of European Central Bank, Benoit Coeure, said that Bitcoin is a misdeed creation of the 21st-century. He said Bitcoin is a clever idea, and every idea is not always a good idea. As per Benoit, Bitcoin is an asset with a lot of faults in its roots.

“Bitcoin is a Suspicious Asset”

Further targeting the creator of Bitcoin Satoshi Nakamoto, Benoit stated that the initial launch of BTC whitepaper was distrustful because it occurred at the same time with the 2008 financial crisis. He didn’t hesitate to call Bitcoin an evil source of financial crisis. He continued:

“Few remember that Satoshi embedded the genesis block with a Times headline from January 2009 about U.K. banks’ bailout. In more ways than one, Bitcoin is the evil spawn of the financial crisis,”

He cleared that the European Central Bank will not issue any virtual assets in future. He said:

“There is agreement on this that the digital currency of a central bank will never be going to be issued in the next 10 years.”

IMF Chief on Cryptocurrency

The whole harsh statements on Bitcoin came from the Singapore Fintech Festival. In the same festival, managing director Christine Lagarde talked about the changes happening in the economic sector and the role of digital assets in the changing spectrum of the economic world.  She is strongly in the favor of using Bitcoin as a mode of payment. As per her, all the central banks should issue their virtual currency in the market in order to use it for payments.

She also cited the example of PayTM, India and M-Pesa, Kenya, saying that these companies are listening to the digital support requirements of the people. She added that we should now issue virtual currency. The currency has the potential to support security and consumer protection, privacy in payment, financial inclusion, and other things which the private sector failed to do so.

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