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Cryptocurrencies a Matter of Concern for Central Bankers
December 01, 2017
The success of cryptocurrencies like Bitcoin is merely a bubble, central bankers say. However, at the same time they are afraid that if these gained supreme power, they could impact the entire financial system and the economy.
In light of the fact that Bitcoin went past the $8,000 level, a 50% jump in just eight days, the central banks are also worried that if the market crashes, it would be them to be blamed.
National Bank of Austria president Ewald Nowotny said if a cryptocurrency like Bitcoin blew up, then central banks could be “blamed for not doing anything”.
Under the pressure and to safeguard their financial systems, central banks around the world have started creating regulations for the cryptocurrencies.
