Bankers do not see alternative to cash in Bitcoin

Goods are rarely valued in Bitcoin.

In a report published today, sponsored by the member of the Executive Board of the European Central Bank, Benoit Cuere and Jacqueline Loch, chairman of the Bank for International Settlements (BIS), it is said that Bitcoin can not be a response to the requests of the supporters of a cashless society.

Bitcoin can not replace cash. Goods are rarely valued in crypto-currencies, and as savings they are more like "gambling in a casino", bankers believe.

At криптовалют all in the future

However, representatives of the banking community believe that Bitcoin can serve as a prototype of future electronic money. "While Bitcoin and its relatives are a bit of a mirage, they can also be an early indicator of change, just like the Palm Pilots (pocket communicators) paved the way for modern smartphones … Cash will not always reign ", The report says.

In addition, the report indicates that cash is the only way by which any person can access the money that is maintained by the central bank.

In the future, it is possible to create a digital currency issued by central banks, the Central bank digital currency (CBDC). However, the consequences of its introduction should be carefully calculated. In particular, due to its use, banks can get unprecedented access to personal information of customers, reports CNBC.

Author: Evgenij Novožilov, Analyst Freedman Club Crypto News

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