It’s no secret that cryptocurrencies are not looked upon favorably by most major central banks across the world. Some crypto enthusiasts believe that central banks fear that the nascent technology could pose threats to existing monetary systems, while others believe that central banks will begin adopting the technology in the future.
Despite this, a recently released report from the European Central Bank offers a far more bearish assessment of the markets, largely writing off their utility and largely approaching them with what can be defined as a cavalier attitude.
"Crypto-assets do not fulfil the functions of money and, at the current stage, neither do they entail a tangible impact on the real economy nor have significant implications for monetary policy. The very low number of merchants that allow the purchase of goods and services with bitcoins indicates no influence of the most prominent crypto-asset on price-setting,” they explained.
Source:
https://www.newsbtc.com/2019/05/18/european-central-bank-crypto-significant-implications-monetary-policy/So even the European Central Bank is recognizing that even at today's state and the many achievements that cryptocurrency got so far, it is still a far cry from what it should be: as a currency that can be an influential in the flow of commerce on the global scale. Hence, ECB is not bothered at all not afraid of what cryptocurrency can do.
Do you agree with this assessment of ECB for cryptocurrency particularly bitcoin?
