Swiss Central Bank Governor on cryptocurrency: “The central bank is vigorously carrying out this work”

nBankruptcy comments: the central banks treat cryptocurrencies and other cryptocurrencies are not the same attitude, Russia, Switzerland and other countries’ central banks to be more cautious about cryptocurrency. Bankers from central banks are also discussing how digital currencies should be treated. The first reaction is protectionist measures. However, once the technology is developed, it will become a part of the economy and blockchain technology in particular. As for the threat to the central bank’s status, some banks think the current stage of development is not enough to pose a threat. They even think that the non-participation of the central bank will become an obstacle to the continued development of this currency.n
nTranslation: Annie_Xun
Every day, every conversation on the part of global bankers is filled with a topic: Bitcoin. Herman Gref of the Russian Federal Reserve Bank reluctantly accepts cryptocurrencies in hostile territory; Deutsche Bank disdains; UBS cautious; Swiss National Bank worries; The European Central Bank thinks bitcoin has little effect. No matter what they say, they do not know what it is.n
Banker’s sighn
Sberbank banker Herman Gref said:n
n”Virtual currency is a natural consequence of blockchain technology and we may ban them and perhaps welcome them, and it’s a popular practice to urge people not to participate, but they are a fact of our lives.”n
nAs a financial regulator, Russia has been hostile to cryptocurrencies and has even proposed curbing people’s enthusiasm with country-backed cryptocurrencies.n

Herman Grefn
Gref said:n
n”Protectionism is only the first response in the country, but neither private money institutions nor the states, as long as they dare to change the way the currency is issued, will eventually find its place in the economy for cryptocurrencies.”n
nHis remarks provided a very philosophical perspective to his colleagues in all regions.n
Sberbank is state-owned, the largest bank in Russia and third in Europe, although the bank is located in Moscow.n
Russia Today explains that Gref’s speech means “Do not ban it,” the banker went on to say that blockchain is a huge opportunity for businesses, including small businesses. “n
Not recommended n
Ulrich Stephan, of Deutsche Bank, who is skeptical, said “it will not be recommended to ordinary investors” and warned that Bitcoin is too volatile. Germany’s Deutsche Bank ranks 16th globally.n
His comment is in line with UBS’s Axel Weber, who said, “At the moment I am very cautious about Bitcoin.”n

Ulrich Stephann
The Riksbank said Swedish counterparts in Europe are trying to discourage the cryptocurrency from rising in a less extreme way by introducing a central bank-backed “e-krona” (EK). It “will have the potential to offset some of the problems that may arise in the future payment market.”n
A lot of unresolved issuesn
Swiss Central Bank Governor Thomas Jordan said:n
n”Central banks around the world are working hard in this area (encrypting money) and it is important to understand that it is not a technical issue, but who can get the money in the central bank. There are so many unanswered questions.”n
nAbout Bitcoin It seems that most European bankers think of central bank operationsn

Mario Draghin
ECB’s Mario Draghi completely denied centralized currency, saying on behalf of the economic zone:n
n”We think these are fairly limited overall, so this is not yet something that will pose a risk to central bank institutions.” Maybe the key word is “not yet”.n
nIn summary, well-known bankers’ positions on bitcoin can be summarized in the statement of BNP Paribas, the world’s eighth largest banker: “The potential threat to the central bank’s seigniorage (the government’s interest in issuing money) , Concerns about money-laundering, financial stability, tax evasion and crime have made regulatory measures elsewhere possible. “n
BNP Paribas believes that the potential threat to cryptocurrencies will slow down as the largest asset most Bitcoin fans see as having no central bank involvement.n

Leave a Reply

Your email address will not be published. Required fields are marked *