The governor of Sveriges Riksbank – Sweden’s central bank, has rejected Bitcoin (BTC) as a completely implausible substitute to government-backed fiat money. “Private money generally fails eventually,” said Sveriges Riksbank governor Stefan Ingves at a banking symposium in Stockholm.
He went on to say, “Certainly, you may become wealthy investing in bitcoin, but it’s similar to dealing in stamps.” Regardless of Ingves’ assessment of Bitcoin’s shortcomings as cash, he has regarded its appeal among traders properly.
The central banker said in June that crypto has become “large enough” to warrant careful scrutiny from policymakers, central bankers, and legislators across the world, citing interests of consumers and money laundering as specific concerns.
Ingves’ poor opinion of Bitcoin hasn’t stopped the Riksbank from appropriating its core technology for its central bank digital currency project.
Sweden’s e-krona is centered on a proof-of-concept built on Corda, an R3 distributed ledger technology solution. According to the most recent report on the e-krona pilot, tests are continuing, with virtual users collaborating with actual characters, particularly Sweden’s retail bank chain, Handelsbanken.
Whereas the Riksbank’s stance is consistent with that of other central banks and governments, El Salvador’s extraordinary government-mandated acceptance of Bitcoin as valid tender occurred this week.
Notwithstanding Salvadorans’ concerns about their state’s attempt, Cardano creator Charles Hoskinson and whistleblower Edward Snowden stated a few days back that other countries might ultimately adopt the currency as part of their own financial policies.
