The U.S. Federal Reserve Chair Janet Yellen is not known about cryptocurrencies play a pivotal role in the economy, on the other hand, Canadian Banking Chief said that the Bitcoin ‘keeping me awake at night’.
Bitcoin ‘Keeping Me Awake at Night: Bank of Canada Governor Says
In a speech titled “Three Things Keeping Me Awake at Night,” the Canadian Banking Chief, Stephen Poloz said attendees at the Canadian Club of Toronto that the three chief concerns of him are cyber threats, the younger Canadian is facing many difficulties due to bitcoin, rising household debt just because of the cost of housing and he is facing difficulties when trying to to find employment.
He also said one thing before he concluded his speech that there is something else makes him lose sleep: “the noise I keep hearing about cryptocurrencies, especially Bitcoin.”
He stated a list of complaints against bitcoin beginning with the “misnomer” of calling it a cryptocurrency.
Poloz Said: “To begin with basics, the term “cryptocurrency” is a misnomer—“crypto,” yes, but “currency,” no. For something to be considered a currency, it must act as a reliable store of value, and you should be able to spend it easily. These instruments possess neither of these characteristics, so they do not constitute “money,”
Bank of Canada Researching Digital Currency
Poloz revealed a confusion that anyone wants to move outside of the central banking system, which gives consumers with “a vital public good.”
He also expressed that “It is often forgotten that the cash provided by a central bank is the only truly risk-free means of payment,” he ignores the probable threats of counterfeiting and, in some countries, runaway hyperinflation.
Poloz admitted that, if the world moves deeper into the digital age, then the desire for “digital” cash will continue to increase. He concluded that central banks including the bank of Canada must know how to properly issue digital currency to face this perceived need within the legacy financial system.
He concluded by saying “All central banks are researching this,”
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