German Central Bank Official Warns Against Use of Bitcoins
Another financial authority is coming forth in what is becoming a long list of central banks to issue warnings on the use of the bitcoin digital currency. This time around it's the Deutsche Bundesbank, which as previously mentioned, is the central bank of the Federal Republic of Germany. Carl-Ludwig Thiele, one of the bank's board members, warns that bitcoin is highly speculative and extremely volatile. Both are sentiments that have been echoed by other central banks who have already issued warnings. Thiele reportedly says bitcoin is a "niche phenomenon", despite its explosion into the....
Related News
A German central bank official has issued another bitcoin warning, reiterating the bank's earlier position on digital currencies. Last December, Bundesbank's President Jens Weidmann told Wirschaftswoche that bitcoin was not an alternative to national currencies and that bitcoins were only used as currency in certain niches. Weidmann stressed that the driving factor behind the demand for bitcoin was the hope of big payouts, which may prove elusive for most investors. On Monday, Bundesbank board member Carl-Ludwig Thiele told German financial magazine Handelsblatt that bitcoins remain highly....
The German central bank is considering alternatives to CBDC as a digital payment solutions Burkhard Balz, a German politician and executive board member of the country's central bank, said in a speech on Oct. 20 that it was crucial to build tools to restrict how the digital euro is used upon launch.Balz emphasized that people should only be able to use the central bank-backed digital euro as a mode of payment and not as a store of value. If the central bank digital currency has the same characteristics as traditional money, depositors could withdraw their funds in times of a crisis by....
Qatar Central Bank is presently examining the possibility of issuing a digital currency as well as digital bank licensing, an official has said. The official adds this study will help the central bank get an understanding of what its area of focus should be.
The Growing Significance of CBDC
An official with the Qatar Central Bank (QCB) has said the institution is presently studying digital bank licensing as well as digital currencies. The official, Alanood Abdullah Al Muftah, the head of the bank’s fintech division, adds the study will enable the QCB to gain a better....
The Central Bank of Sri Lanka has published a warning notice about the risks associated with cryptocurrency as interest and trading volumes of bitcoin and other cryptocurrencies surge locally and globally. Sri Lanka’s Central Bank Warns About Bitcoin The Central Bank of Sri Lanka has published a notice regarding cryptocurrency. “Considering the recent inquiries on virtual currency usage in the international and domestic markets, the Central Bank of Sri Lanka (CBSL) wishes to inform the public of the risks associated with investing in virtual currencies,” the notice....
According to a report on Zero Hedge, "My Bank," one of Russia's top 2oo lenders by assets, has suspended all cash withdrawals. The lockdown is expected to last for a week. This news follows the recent statement by the Russian Central Bank warning citizens against the speculative and legal risks of Bitcoin. The Russian Ruble is experiencing downward pressure from the current "risk-off" environment afflicting emerging market economies. It's possible this currency situation is responsible for the bank freeze. My Bank shuts down cash withdrawls to prevent a bank run? This story, together with....