The representative of the Central Bank of Switzerland: the «Unofficial crypto-currencies better state»

Informal digital currency is better than those that are issued by the government – said the representative of the Swiss National Bank. According to Andrea Mehler (Andrea Maechler), member of the Board of Directors of the Central Bank of Switzerland, the unofficial cryptocurrency carry much less risk than the state. Her comments confirm that Switzerland is not planning to issue your own tokens. Andrea Mehler said:

«Digital money of the Central Bank, released to the public, is not necessary to ensure the effective operation of the system of cashless retail payments».

She further explained why the crypto-currency issued by the Central Bank, may increase the risks in banking operations. According to her, provided by the government of the cryptocurrency will facilitate people withdrawing money from their accounts when they feel that the Bank is experiencing difficulties.

She said: «Such a cryptocurrency would provide very few benefits, but would create enormous risks for financial stability.» Mehler believes that cryptocurrency issued by the government, questioned «the proven two-tier system» in which the Swiss Central Bank acts as a Bank for commercial banks, which, in turn, are dealing with customers.

In addition, Mehler said that «cryptocurrency can’t compete with traditional currencies.» She thinks the excitement around cryptocurrencies have exaggerated their real value. CB representative said that the money should be a viable means of exchange and long-term means of capital preservation. In her opinion, crypto-currencies with these functions fail. She also added that the digital coins are highly volatile and increasingly becoming a speculative instrument, and not tender.

A month ago, the head of the stock exchange Switzerland called for the establishment of the state of cryptocurrency E-franc, which it believes stimulates the Swiss economy and will also include a payment system better than traditional. However, comments Mehler confirmed that Switzerland is not planning to issue its own cryptocurrency, as it does not see any sense in this.

The release of the state of cryptocurrency is one of the latest trends among the world’s governments spoke about it presented in more than one state. Most attention was drawn to the state of the cryptocurrency Venezuela Petro, secured by oil and released in mid-February. President Nicolas Maduro has stated many times about the fabulous sums of money derived from its sale, and also strongly promoted the new currency on the world stage. In addition to Venezuela several countries announced their intention to release its own crypto currency. Including Russia, Cambodia, the Marshall Islands and other States that seek to circumvent Western sanctions with its own tokens.

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