September 29, 2020

Bitcoin - A By-Product of the 2008 Financial Crisis

Bitcoin - A By-Product of the 2008 Financial Crisis

The recent collapse of the Bitcoin (BTC) rate has attracted the attention of the financial community to cryptocurrency. Your attitude to The leading digital asset was expressed by Member of the Executive Board of the European Central Bank Benoit Keru.

Keru said Bitcoin is a collateralthe product of the financial crisis of 2008, as the creator of Bitcoin Satoshi Nakamoto published the project documentation (White paper) during a recession in the global market. At the same time, Keru admits that the idea of ​​creating a cryptocurrency was smart, but, according to him, “not every smart idea is good.”

Benoit believes central banks will notcryptocurrency issue in the next decade. The director of the International Monetary Fund (IMF) Christine Lagarde disagrees with this. She argues that all central banks should issue digital assets that can be used as a means of payment.

At a conference in Singapore, Lagarde announced:

“Central banks of several statesconsider the idea of ​​issuing a national cryptocurrency, including China, Canada, Sweden and Uruguay. They, like the IMF, are interested in using blockchain technology. ”

According to Lagarde, national digital assetshave an advantage over fiat currencies. In particular, with their help it is possible to increase the level of security of financial transactions and make digital payments more affordable. Kristin also mentioned the important quality of digital assets - privacy, however, national cryptocurrencies will most likely not be able to boast of this, as they will be controlled by the government.