Jean-Claude Trichet indirectly promotes digital currencies
Former President of the European Central Bank (ECB) from 2003 to 2011, Jean-Claude Trichet, spoke recently at the XNUMXth annual Caixin conference in Beijing and shared his views on Bitcoin, cryptocurrencies and, diplomatically, currencies digital controlled by the state.
As written by the South China Morning Post (SCMP) newspaper, Trichet said he doubted that cryptocurrencies like Bitcoin could ever become the future of money, because of their "architecture".
However, the former head of the ECB says he fully understands the importance of blockchain technology and the fact that digital means of payment are truly inevitable, furthermore, he adds that Bitcoin is not suitable for becoming current money, which can only mean two things:
- He is afraid that the current financial system will lose its power due to a decentralized and chaotic monetary system, so he wants to try to stop the inevitable rise of Bitcoin which has strengthened again in 2019.
- Knowing that Bitcoin is a decentralized currency and therefore difficult to manipulate, it is gently trying to say "You almost guessed it", the future of money will really be in digital currency, but it is not Bitcoin, because it cannot be manipulated by brokers and not they can influence it directly, as they do today with coins.
At the time of Facebook's fintech venture known as Libra, however, his words were not very different from Bitcoin. In fact, despite being a centralized system, according to Trichet it is not centralized by the state, and if anything it should be considered a threat (even if it is using all legal means to become a reality), measures will be taken in this regard.
Bitcoin or not, digital money is already a reality
A similar opinion has also been expressed by other members of the ECB and the European Commission, including Yves Mersch, Bruno Le Mair and Christine Lagarde, who have ironically criticized both Bitcoin and Libra, defining them as operations / coins that should never enter the ground European.
Yet, at the same time, they contradict each other by talking about a European digital currency that would represent the digital euro, most likely inspired by the digital currency of the Chinese Central Bank (CBDC), which was the first to circulate a blockchain-based and distributed currency nationwide.
Bitcoin and other digital currencies need to start worrying? It all depends on the community that revolves around cryptocurrencies, since there is no single centralized body or organization to force the use of Bitcoin or any other digital currency.
Whether people use Bitcoin as a digital currency, an encrypted information exchange protocol, a store of value or a speculative investment, it is up to them and whether they want to continue using it or not.
Based on historical data and regardless of the price of Bitcoin, the latest was from Bitcoin It clearly indicates that not only have people chosen to use digital currencies, but more and more have been involved in Bitcoin transactions every year since its launch, regardless of how much governments and central banks try to make it look like a "money laundering tool." of dangerous money which, unfortunately, we cannot control. "
