Jens Weidmann, one of Europe’s foremost officials on money, made comments that could not be considered positive about cryptocurrencies. Weidmann, who is the chairman of Deutsche Bundesbank, the central bank of Germany, and who is also on the governing council of the European Central Bank, emphasized that cryptocurrencies are impractical.
Digital currencies have a certain meaning. Stating that they cannot replace traditional money managed by the central bank, Weidmann stated that digital currencies such as Bitcoin are not multifunctional as a means of payment because the prices of such currencies can fluctuate very often.
Weidmann made the following comment:
“For a stable monetary and financial system, we do not need crypto-tokens, but central banks responsible for price stability and efficient banking regulations. We have both of these in the Eurozone.”
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