The Bank of Sweden doesn’t believe in bitcoin either: “It’s like trading stamps”. For almost a decade, central banks around the world have focused on bitcoin, the original cryptocurrency that was born to revolutionize the monetary and financial system. Following adoption by a few in its early years, its popularity – and that of its counterparts – has made it a global phenomenon capitalizing $ 2.2 trillion, roughly double Spain’s GDP.
Faced with this trend, financial institutions monitor the evolution of demand, which has skyrocketed in recent months. In this sense, the governor of the central bank of Sweden, Stefan Ingves, has assured that “private money tends to collapse sooner or later.” “Sure, you can get rich trading bitcoins, but it is comparable to trading stamps.”
In this sense, Ingves adds to the perception that other central banks have in recent months, such as the ECB pointing out that there is a mere speculative bubble , that of Ireland saying that investors in cryptocurrencies risk losing all their money, or the from England pointing out that they are assets with no intrinsic value and could fall to zero.
Along the same lines, the president of the US Federal Reserve, Jerome Powell, pointed out earlier this year that cryptocurrencies “are not backed by anything and are an asset to speculate and not a means of payment.” Months later, the institution warned that the ‘stablecoins’, whose value is linked to the dollar, are a potential threat to monetary stability due to their lack of regulation and transparency.
However, some countries are studying or implementing their own cryptocurrency. The US believes that the creation of its own digital dollar could mitigate the risks of stablecoins, while an ECB report warned of the risk of falling behind in this race and losing monetary control , among other issues.
China has already launched the eYuan and Venezuela has had the Petro in circulation for three years , a non-decentralized cryptocurrency apparently backed by the country’s raw materials, especially oil.
In addition, El Salvador became a few days ago the first country to allow bitcoin to be a legal tender , while countries such as Panama and Ukraine already legislate towards regulations that are kinder to crypto.