Danish Central Bank Compares Bitcoins to 'Glass Beads'
Danmarks Nationalbank, the Danish central bank, has issued a stern warning on bitcoin, saying that it is not money in the true sense of the word, as it is not backed by an issuing institution. Rather than functioning like money, bitcoins display the characteristics of commodities - that is, users attach value to them, not issuers or central banks. Yet, said the bank, bitcoins do not have intrinsic value like gold and silver, and they bear a closer resemblance to "glass beads" - an apparent reference to the beads that were traded in past centuries for gold, ivory and other commodities. No....
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And I was beginning to think that trend of calling Bitcoin not a currency but lacking the willingness to impose regulations was gone after Japan. I guess some just can’t let go of what seems like a good idea. What makes Danish central bank have a negative attitude towards digital coins is the fact that with cryptos it’s not they or any other price it’s the community of people who use it every day. Thus in case of something like latest disaster will befall on the publicly accepted financial system it would be easy for governments to localize the damage and find the scapegoat in the process.....
Denmark, a country where its population relies on cash less than most other European nations, is considering digitalizing its national currency. The central bank of Denmark is planning to issue its own Blockchain-based digital currency called e-krone as its reserve currency. Lars Rohde, governor of the Danish central bank responsible for overseeing cash production within the country, stated that the government doesn’t have any interest in printing its own physical or fiat money in the near future. Rohde aims to outsource the production of Danish krone and hopes to replace cash with its....
Consider this: the efforts of central banks to create centralized digital currencies are no different to altcoins. The only difference is who is producing the coin and what funding the development team has. Some might even argue that altcoins have greater credibility, as they in most cases have public and not private blockchains. In an age where there is....
There are at least four countries that have either scrapped or halted CBDC plans so far, and each central bank has its own reasoning for not launching one. As countries around the world race to launch a central bank digital currency (CBDC), some jurisdictions have slowed down or dropped out of the race altogether.While many observers were pushing a narrative of urgency around CBDCs, some countries have decided that launching a CBDC isn’t currently necessary, while others have tested CBDCs only to dismiss them.Each country had its own reasons, with global central banks providing very....
Note: there has been some confusion regarding Danske Bank's involvement with this service. Danske Bitcoin is a service independently run by BIPS, and there are no formal agreements between BIPS and Danske Bank to facilitate the offering of this service. BIPS, a Bitcoin payment processor based in Canada and Denmark, has just announced a new service: Danske Bitcoin, allowing users with Danske Bank's MobilePay service to instantly buy bitcoins from their phone. MobilePay an iPhone and Android application that allows anyone with a Danish bank account and credit card (and is over 15 years of....