Thomas Jordan, in his capacity of President of the Swiss Central Bank, SNB, is positioned currencies, in a speech to Crypto. While Bitcoin as a form of payment was inappropriate, from the Stable Coins such as Libra is a real danger for the monetary policy.
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the topic of digital money are not Central to come bankers in the coming years. The longer it is, the crypto-currency, no. 1, the higher the probability that it is here to stay. And so takes it not surprising that the international Guild of Central bankers these days are expressing more and more pronouncements in regard to an impending monetary paradigm shift.
Now it has commented the President of the Swiss Central Bank SNB, Thomas Jordan, to crypto – currencies such as Bitcoin, and in contrast to its American counterpart, a rather bearish attitude.
crypto-currencies are more in the nature of speculative investment instruments as of “good” money,
the Jordan in the course of a speech, the Central Bank chief on Thursday, 5. notes September, at the University of Basel was held. Bitcoin have accordingly little chance of enforcement as a means of payment.
crypto-currencies, because of fluctuations in value as a means of payment and a store of value and as a unit of account only a limited useful
so the little surprising attitude Jordans.
All eyes will be on stablecoins
Quite different, he sees the value of a stable crypto-currencies, such as the stablecoins or Facebook Libra. These are quite suitable to make the Central Bank policy in front of new challenges. Therefore, one must analyze “stablecoins from a regulatory and policy perspective,” said the Economist. In particular, when Coins of foreign currencies such as the US to track the Dollar, it is necessary to look carefully. On Libra, the Central Bank had, therefore, a precise eye.
If digital cash establish a connection to foreign currencies, this could adversely affect the effectiveness of our monetary policy.
Libra must therefore meet the same “rules of the game” like traditional money. In Jordan again stressed manslaughter arguments, such as the combating of money laundering and terrorist financing – and, although Bitcoin & co. is not suitable for the purpose of financing illegal activity at all.
following In the footsteps of the Chinese counterparts, the Swiss Central Bank does not want to occur, however: A digital Swiss francs, it will not give you. In may of last year, the attitude towards a potential E-franc was still so hostile. Now, one of wool, but the so-called two-tier banking system, Central and commercial banks not to compromise.
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