{"id":139113,"date":"2021-09-19T11:40:52","date_gmt":"2021-09-19T11:40:52","guid":{"rendered":"https:\/\/precoinnews.com\/?p=139113"},"modified":"2021-09-19T11:40:52","modified_gmt":"2021-09-19T11:40:52","slug":"sveriges-riksbank-is-clearly-not-a-bitcoin-fan","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/sveriges-riksbank-is-clearly-not-a-bitcoin-fan\/","title":{"rendered":"Sveriges Riksbank Is Clearly Not a Bitcoin Fan"},"content":{"rendered":"

Not everyone is a bitcoin fan, and now it looks like Sveriges Riksbank \u2013 the governor of Sweden\u2019s central bank \u2013 is adamant that the world\u2019s number one digital currency is about to collapse, and thus holds no place in modern-day finance.<\/p>\n

Sveriges Riksbank: Bitcoin Isn’t Going to Make It<\/h2>\n

The digital currency space has come quite far in recent years. The primary asset, bitcoin, has attracted some of the world\u2019s largest and most prominent institutional investors, from software firm MicroStrategy to Square, a payment enterprise run by Twitter CEO Jack Dorsey. The currency has exploded in price, starting out for a few cents just over ten years ago to reaching roughly $64,000 per unit last April.<\/p>\n

But while bitcoin has become a popular asset amongst many individuals, not everyone is willing to drink the \u201cdigital Kool-Aid,\u201d and there are some today that still speak ill of the asset. Riksbank falls into this category. While his qualms with bitcoin are not personal, he is adamant that private currencies have been known to collapse in the past, and he sees bitcoin incurring the same fate at some point.<\/p>\n

At a recent conference in Stockholm, Riksbank commented that if a currency is not backed by a central bank, it is not likely to survive. This sentiment is shared by many other high-ranking finance experts including Gabriel Makhlouf, the governor of the central bank of Ireland. Not too long ago, he stated that putting one\u2019s personal funds into crypto was a terrible mistake, and he likened the move to putting one\u2019s money into tulips because they \u201cthought it was an investment.\u201d<\/p>\n

Other central bankers, however, are more positive about the introduction of crypto into the modern world of finance. One such figure comes in the form of Benoit Coeure, the head of innovation at the Bank for International Settlements (BIS). While he has not spoken much about specific or more mainstream assets like bitcoin, he has stated that stable coins are likely to one day become primary financial tools for both banks and individuals alike. He also stated that they are likely to challenge the way banks do business in the future.<\/p>\n

He said:<\/p>\n

\n

Stable coins are knocking on the door, seeking regulatory approval. Decentralized finance (defi) platforms are challenging traditional financial intermediation. They all come with different regulatory questions, which need fast and consistent answers\u2026 Make no mistake: global stable coins, defi platforms and big tech firms will challenge banks\u2019 models regardless.<\/p>\n<\/blockquote>\n

\u00a0<\/em>Banks Should Create Their Own Assets<\/h2>\n

To stay in play, he believes banks need to issue their own stable currencies. He comments:<\/p>\n

\n

\u00a0<\/em>CBDC (central bank digital currencies) will be part of the answer. A well-designed CBDC will be a safe and neutral means of payment and settlement asset, serving as a common interoperable platform around which the new payment ecosystem can organize.<\/p>\n<\/blockquote>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Not everyone is a bitcoin fan, and<\/p>\n","protected":false},"author":3,"featured_media":139112,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nSveriges Riksbank Is Clearly Not a Bitcoin Fan - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/sveriges-riksbank-is-clearly-not-a-bitcoin-fan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sveriges Riksbank Is Clearly Not a Bitcoin Fan - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Not everyone is a bitcoin fan, and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/sveriges-riksbank-is-clearly-not-a-bitcoin-fan\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-19T11:40:52+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/09\/Sveriges-Riksbank-Is-Clearly-Not-a-Bitcoin-Fan-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/sveriges-riksbank-is-clearly-not-a-bitcoin-fan\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/sveriges-riksbank-is-clearly-not-a-bitcoin-fan\/\",\"name\":\"Sveriges Riksbank Is Clearly Not a Bitcoin Fan - 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