“Bitcoin was an extremely clever idea”, says European Central Bank Executive member

Bitcoin [BTC] rise and fall has certainly not escaped the eye of the financial bigwigs. Recently, Benoit Coeure, the European Central Bank Executive member stated that:

“Bitcoin was an extremely clever idea. Sadly, not every idea is a good idea.”

Coeure also stated that the initial launch of Bitcoin [BTC]’s whitepaper was highly suspicious as it coincided with the 2008 financial crisis. He did not hesitate to call the cryptocurrency an evil byproduct of the infamous global recession. He said:

“Few remember that Satoshi embedded the genesis block with a Times headline from January 2009 about U.K. banks’ bailout. In more ways than one, Bitcoin is the evil spawn of the financial crisis.”

The European Central Bank executive was also confident in expressing that digital assets will not be issued by central banks anytime soon. He added:

“There is broad agreement that a central bank digital currency, in whatever form, is unlikely to be issued within the next decade.”

Coeure’s statements come in the wake of Christine Lagarde’s speech at the Singapore Fintech Festival. The popular financial official talked about the changing spectrum of the economic world and the part that digital assets play in it. According to her, all central banks should issue their own digital currency that can be used for payments. She had said:

“True, your deposits in commercial banks are already digital. But a digital currency would be a liability of the state, like cash today, not a private firm. This is not science fiction. Various central banks around the world are seriously considering these ideas, including Canada, China, Sweden, and Uruguay. They are embracing change and new thinking – as indeed is the IMF.”

The IMF Managing Director also cited the example of PayTM of India and M-Pesa of Kenya, saying that they were examples of how companies were listening to the digital support requirements of the people. She further stated:

“I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital economy. This currency could satisfy public policy goals, such as (i) financial inclusion, and (ii) security and consumer protection; and to provide what the private sector cannot: (iii) privacy in payments.”

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