Jean-Claude Trichet

Former European Central Bank President Strongly Opposes Bitcoin

On Sunday, Jean-Claude Trichet , the previous president of the European Central Bank (ECB), the national bank of the 19 European Union nations that have embraced the euro as their national money, clarified why he is unequivocally against Bitcoin.

Trichet’s remarks about digital forms of money were made during a board discourse on day three of the tenth Caixin Summit in Beijing, China.

Trichet stated:

“I am strongly against bitcoin, and I think we are a little complacent. The [crypto]currency itself is not real, with the characteristics that a currency must have.”

Trichet, who filled in as the ECB’s president from 2003 to 2011, said that he was seeing a great deal of theory, which he considers not beneficial.

He likewise said that he was particularly against Libra, the Facebook-driven stablecoin venture that ECB official board part Benoit Coeure said (two months back) had been a “reminder” for national banks.

On Friday, Reuters announced that as indicated by senior authorities progress on the possibility of a computerized cash supported by the European Central Bank could be made in the coming months.

The Reuters report proceeded to state that at a gathering of EU money serves on that day, the issue of EU’s response to Libra came up.

Following the gathering, at a news meeting in Brussels, French Finance Minister Bruno Le Maire conceded that it would require some investment to build up a computerized money sponsored by the ECB:

“The fact that it is for the long term does not prevent us from working and having results next year.”

The report proceeded to state that the EU’s fund official Valdis Dombrovskis said that Libra was a ‘wake-up’ call that appeared there are holes in the idea for inexpensively quick overseas installments in Europe.

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