The head of the Central Bank of Belgium: «Bitcoin is not a threat»

The head of the National Bank of Belgium Jean Smets (Jan Smets) said that bitcoin does not pose a threat to the state, as it is unstable. In addition, Smits believes that the time will soon come of crypto-currencies, issued by banks.

In a recent interview with the head of the Central Bank of Belgium made some comments in relation to bitcoin. He said that virtual currency is not as stable as the Euro and added:

«Let’s stop calling bitcoin a currency. Unlike the Euro, the bitcoin is not supported by the Central Bank or the government as a means of payment, so it is not a currency. Even if at the moment the risks of investing in bitcoin is low, there are potential implications for financial stability».

Head of the Central Bank also insists that most of the people investing in bitcoin are doing it only for the sake of speculation on the increasing price of the virtual currency. However, he noted that the risk of investing in bitcoin now are quite low, but the situation can quickly change.

Bitcoin and cryptocurrencies attract people because they represent a decentralized P2P system. The whole point of cryptocurrency is that to receive or transfer money you don’t need to rely on the will of the banks or the government.

Review of Smets against investment in bitcoin is not as contradictory as it seems at first glance. A huge number of people around the world use bitcoin to pay for goods or services, or as a means of capital preservation. However, most people buy bitcoin only in the hope that they will be able to capitalize on its rapid rally by selling the coins later.

Of course, SMEs would be pleased with the advent of digital currency issued and maintained by the Bank or government. He sees the benefits of the blockchain for the payment system, in terms of innovation and efficiency, and hopes that one day you will see a digital euros. And it is possible not only in Europe: the Bank of Canada discusses
the issue of creating a national cryptocurrency, and Venezuelan President Nicolas Maduro announced
the establishment of the Republic its cryptocurrency El Petro.

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