EU central bank will not add bitcoin to reserves – says it is not a currency

EU central bank will not add bitcoin to reserves - says it is not a currency

EU central bank will not add bitcoin to reserves - says it is not a currency

The European Central Bank (ECB) doubled its position on Bitcoin (BTC), refusing to recognize it as a currency at the Q & A session on July 9.

Responding to a private request as part of its regular interactive Twitter program, which it administers as part of the hashtag #AskECB, the bank said it does not plan to add Bitcoin to its reserves.

“Bitcoin is not a currency, but an asset, and it is very volatile,” officials wrote, citing chief economist Philip Lane.

The reaction continues the ECB’s dissatisfied reaction to the cryptocurrency, which he has already circulated in other public statements.

In May of this year, a report entitled “Cryptoactives: implications for financial stability, monetary policy, and payment and market infrastructures” concluded that, in general, this phenomenon had little effect on the traditional economy.

Earlier, the reserve bank of the European Union also expressed a bearish idea of ​​issuing its own digital currency, in contrast to the noise that now comes from China and a number of other countries.

As expected, supporters of cryptocurrency had little time for Lane’s brief statements about Bitcoin this time.

“Bitcoin is money,” Pierre Rochard, a software engineer who is known for his advocacy, replied to Twitter with a high rating.

Another user has reproduced his own ECB inflation calculator, which has shown a decline in the euro’s purchasing power since its introduction twenty years ago.

They argued that it was infinitely worse than the temporary bursts of volatility observed with Bitcoin.

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About Shawn Morrison 204 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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