According to the European and American Central banks, cryptocurrencies do not pose a threat nor fiatnym money or by Central banks. This opinion representatives of financial institutions expressed during the panel discussion at the conference Money20/20 in Amsterdam June 5, reports Сointelegraph.
During the discussion the representatives of the Swiss National Bank, the Bank of Lithuania, the Bank of England and Bank of Canada took turns answering the question, “can crypto-currencies mean the end of Fiat money?”
Executive Director of the Bank of Canada James Chapman said that cryptocurrencies are a threat to Fiat currency only in “a situation of hyperinflation”. Thomas Moser, member of the Board of the Swiss National Bank, agreed with Chapman, adding that they are also threatened when the currency is “not working well”.
“As long as Central banks are doing a good job, not real, so they disappeared,” — said Moser.
Also the representative of the Swiss national Bank said that “cryptocurrency is very well accepted in Switzerland”, especially in Cryptocoryne in the Canton of Zug, which is considered an attractive location for cryptomery due to the balanced approach of the ICO and the status of the cryptocurrency tax havens.
Martin Etheridge, the head of the Bank of England, called “extremely urgent” issue of the importance of cryptocurrencies. Etheridge said he “does not see the big prospects to replace Fiat money scriptactive in the current situation, although “who knows what will happen in the future.”
“I think Fiat currency has a good chance. [To change things] will require a fundamental shift of public perception or the current market system,” the economist added.
Marius, Urgeles of the Bank of Lithuania said that the crypto-currency issued by the Central Bank, and the usual cryptocurrency are two separate things, but the main product of any Central Bank “the trust”.
“If our product is good, we don’t need to talk about cryptocurrency. It’s a matter of trust. But if society is to doubt or to think that what we sell can be bought cheaper, there will be other things”, — said the representative of Lithuania.
As previously reported, according to the Director of the Department of monetary and capital markets IMF Dona-Hee, the Central banks of countries have to offer the “best” Fiat currency to compete with scriptactive, and may consider counter-measures “pressure scriptactive on Fiat currency”.