Bitcoin News, Business, Cryptocurrency News, Legal, Top Stories

ECB ‘European Central Bank’ Refuses To Acknowledge Bitcoin As Currency – Report.

The ECB [European Central Bank] doubled down on its dismissive stand towards towards Bitcoin [BTC], refusing to acknowledge it as currency within a recently held ‘Q&A session‘.

Responding to a private query as a part of its regular interactive Twitter program, that it administers underneath the hashtag ‘#AskECB,’ the bank aforesaid that it had no plans to list bitcoin to its reserves.

“Bitcoin isn’t a currency, it rather is an asset and it’s extremely volatile,” officials wrote quoting chief economist named ‘Philip Lane’. 

The response continues the ECB’s underwhelming reaction to ‘cryptocurrency‘ that it already propagated in several other public statements. 

Earlier in May this year, a report named “Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures” outlined the whole phenomenon had very little impact on the standard economy.

Previously, the Eu’s reserve bank had additionally come out on the thought of issuing a digital currency of its own, in distinction to noises arising from ‘China‘ as well as several other states. 

Predictably, cryptocurrency proponents had very little time for Lane’s brief statements on BTC now around.

“Bitcoin is money,” a software engineer renowned for his advocacy named ‘Pierre Rochard’, responded on Twitter to much appreciation.

Another user ‘reproduced‘ the ECB’s own inflation calculator, showing the decreasing buying power of its traditional fiat currency ‘Euro’ since after its introduction 20 years ago. 

That, they argued, was infinitely worse than the temporary bouts of volatility seen of compared with Bitcoin.

Leave a Comment

Your email address will not be published.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