Crypto-currencies do not threaten paper money - representatives of central banks
In the opinion of European and American central banks, crypto-currencies do not pose a threat to either fiat money or the central banks themselves. This opinion was expressed by the representatives of financial organizations during the panel discussion at the Money20 / 20 conference in Amsterdam on June 5, according to Сointelegraph.
In the course of the discussion, representatives of the Swiss National Bank, the Bank of Lithuania, the Bank of England and the Bank of Canada took turns in answering the question "Can crypto currencies mean the end of fiat currencies?"
Bank of Canada Executive Director James Chapman said that crypto-currencies are a threat to the currency of currencies only in the "hyperinflationary situation." Thomas Moser, board member of the Swiss National Bank, agreed with Chapman, adding that they also pose a threat when the currency "does not work well."
"As long as central banks do a good job, it's not realistic that they disappear," Moser said.
The representative of the Swiss National Bank also noted that "the crypto currency is very well received in Switzerland", especially in Cryptololin in the canton of Zug, which is considered an attractive location for crypto companies due to a balanced approach to the ICO and the status of the crypto-tax haven.
Martin Etheridge, the head of the Bank of England division, called the "extremely topical" issue of the importance of crypto-currency. Etheridge said that he "does not see a great prospect in replacing phiotic money with crypto-active assets in the current situation, although" who knows what will happen in the future. "
"I think that fiat money has good chances. To change the situation, a fairly fundamental shift in public perceptions or the existing market system will be required, "the economist added.
Marius Jurgilis from the Bank of Lithuania said that the crypto currency issued by the central bank and the usual crypto currency are two separate things, and the main product of any central bank is "this trust".
"If our product is good, we do not need to talk about crypto-currencies. This is a matter of trust. But if society will doubt or think that what we sell can be bought cheaper, other things will appear, "the Lithuanian representative said.