VIENNA - European Central Bank governing council member Ewald Nowotny warned against accepting bitcoin as an official payment method, saying the digital currency lacked stability and was too vulnerable to speculation.
Many governments around the world are considering how to regulate and classify bitcoin BTC=BTSP, whose value surged in June to hit a record just shy of $3,000.
In April, the Japanese government recognized bitcoin as legal tender as part of efforts to use financial technology to stimulating the economy.
Bitcoin has fallen 20 percent since its record high in June but is still 245 percent over the past year.
Bitcoin can be traded on exchanges in the same manner as stocks and bonds.
The ECB is doing "Experimental work" with the same ledger technology that underpins bitcoin but it needs further research before considering adopting it, ECB executive board member Yves Mersch said in April.
Yves Mersch is concerned about the possibility that Bitcoin may threaten financial stability as “market infrastructures such as stock exchanges enter this business.” Luxembourg Central Bank ex-governor Yves Mersch serves as a member of the European Central Bank ’s (ECB) executive board. European Central Bank (ECB) executive board member Yves Mersch has said bitcoin could pose a threat to economic stability if financial infrastructure institutions get involved with the tech.. In an interview with a German daily Börsen-Zeitung, Mersch said that bitcoin’s trading volume is currently “comparatively low” and is therefore not an issue for monetary policy at present. FRANKFURT (dpa-AFX) - EZB-Direktoriumsmitglied Yves Mersch sieht den rasanten Kursanstieg der umstrittenen Kryptowährung Bitcoin mit Sorge und hält ihn gar für eine Gefahr für die ... European Central Bank (ECB) executive board member Yves Mersch has said bitcoin poses a threat to economic stability if financial infrastructure institutions get involved with the cryptocurrency. In an interview with a German daily Börsen-Zeitung, Mersch said that bitcoin’s trading volume is currently “comparatively low” and is therefore not an issue for monetary policy at present. Yves Mersch is worried that bitcoin may threaten financial stability as “market infrastructures such as stock exchanges enter this business.” The ex-governor of the Luxembourg Central Bank, Yves Mersch, serves as a member of the executive board of the European Central Bank (ECB). In a recent interview with German newspaper Börsen-Zeitung, Mersch discussed the dramatic […]
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