Tell that to El Salvador – According to a popular expression, there is only one type of people who does not change his mind. Since we don’t want to call anyone a fool, we will instead salute stubbornness of the central bankers to denigrate Bitcoin (BTC) always. Despite the growing adoption and exponential development of the crypto sector, the majority of central banks still manage to refuse to embrace this technological, economic and monetary revolution. Hat ! There Bank of England is of course one of those relentless stubborn people (sorry for this necessary redundancy).
Central bankers: always the same refrain against cryptocurrencies
When the Bank of England (BoE) is not busy promising toprint magic money to save UK debtshe takes great pleasure in speaking ill of Bitcoin and decentralized cryptocurrencies.
Even from a “FinTech manager” of the Bank of England – a priori therefore more open to new financial technologies -, don’t expect anything positive on cryptos. Indeed, despite this position at the BoE, Tom Mutton has copiously denigrated cryptocurrencies, not to change anything in the long tradition of this central bank.
As the City AM newspaper reports in particular, it is also during the Crypto and Digital Assets Conference organized by the Financial Times that the Bank of England executive threw his pike against Bitcoin and its ilk.
” [Les cryptomonnaies] do not perform any of the functions of money. (…) Privacy and anonymity are used as synonyms, when they shouldn’t be. (…) [L’anonymat] is a problem that should not continue. »
Tom Mutton, Head of FinTech at the Bank of England
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The Holy MNBC, well transparent, to fight the bad bitcoin
We will quickly pass over the fact that the brave salvador precisely use Bitcoin as legal tender no problem since now over a year and a half (September 2021). And obviously, you suspect what is the miracle solution what is Tom Mutton going to offer us: his central bank digital currency (MNBC), of course !
After breaking sugar on the back of cryptos, so it’s to a glorification of the marvelous pound sterling digital (e-GBP) that engages the framework of the Bank of England. But the best is still just quote Tom Mutton (hold on to your chairs):
“We have no reason to offer a digital sterling unless it meets the highest privacy (sic) standards. (…) All electronic payments create a data footprint. (…) The question is to know to whom this data goes and what are the conditions of use. »
If you have a total confidence in central bankers to receive all your transaction data, do not be afraid. But if you know the example of the Freedom Convoy demonstrators in Canada (in January 2022), you know that the bankers have quickly blocked (by order of the Trudeau government) the Bank accounts demonstrators, and even those of their supporters who dared to make a simple donation of financial aid to the strikers. With Bitcoin and crypto donations, it wasn’t that easy, far from it. NOW, imagine that there is only the MNBC as one and only currency (sorry for future nightmares).
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