Benoît cœuré: bitcoin has no future «cashless society»

On the eve of the G20 meeting, where politicians will discuss cryptocurrencies, and everything connected with them, an opinion expressed by a member of the Board of the European Central Bank (ECB), Benoit coeure (Benoît Cœuré):

«Next week will be a G20 meeting, where representatives of 20 countries will discuss bitcoin and other cryptocurrencies based on the technology of the blockchain. Cryptocurrency is a pathetic imitation of money. Practical no one sells goods for bitcoin, few are using them for payments and as a means of accumulation, they are more like gambling in a casino».

But he acknowledges that the use of cash in the world is steadily declining. The younger generation prefers to use the payment application, rather than a purse, and their children, and all will see notes and coins only as Museum exhibits.

«Bitcoin and all its derivatives is something like a Mirage, an early sign of change. About the same as the PalmPilot handheld computers have become something of a Foundation for a modern smartphone».

New research conducted by the Bank for international settlements (BIS) show that since the beginning of the century cashless payments are gradually replacing the turnover of cash. Some Scandinavian countries for quite a long time deliberately reduce the money supply of cash. Developed countries, where it does not lead in this direction serious work.

These trends sparked a debate about whether Central banks should issue its own cryptocurrency. A recent report on digital currencies Central Bank (CBDC) creates the preconditions for these important debates.

«Digital currency Central Bank (CBDC) has not shown conclusive benefits, but the technology is rapidly evolving and after some time will not exist further payments other than electronic. We can say that all this is the merit of bitcoin. Despite all his shortcomings, he was able to draw attention to the failure of the current banking system.»

To sum up, Benoit coeure, said:

«Electronic payments make it easy to buy goods online from abroad, but also enable foreign workers to send money home, which entails the development and expansion of financial services. However, international payment system much slower, less transparent and more expensive than domestic. Need to work on improvements of these systems — it will be the best way to take on the challenge of bitcoin».

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