• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Breaking News: Ecommerce Giant Amazon To Launch NFT Initiative
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Ecommerce Giant Amazon To Launch NFT Initiative
Advertisement

Belgium Central Bank Governor Declares Bitcoin is Not a Threat

Jeff Francis by Jeff Francis
5 years ago
in News, Bitcoin, Bitcoin Acceptance, Bitcoin Regulation, News teaser
0
Advertisement

National Bank of Belgium governor Jan Smets says that Bitcoin is not a threat, and he believes that a banking issued-cryptocurrency will be coming.


It seems that every banker of prominence has an opinion on Bitcoin. Though they initially stuck their hands in the sand and ignored the cryptocurrency, Bitcoin’s amazing surge over 2017 has forced them to take notice. On the whole, bankers are not fans of Bitcoin as it represents an existential threat, and this is borne out by the many shots they’re willing to dish out. The latest salvo comes from Belgium Central Bank governor Jan Smets, who declares that Bitcoin is not a threat because it’s unstable.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.

Steam Drops Support for Bitcoin Payments Citing Wild Price Swings, High Transaction Fees

Not a Fan of Bitcoin

In a recent interview, Smets makes some pointed remarks about Bitcoin. He first says that the virtual currency is not stable like the euro, and he follows that by saying that blockchain-based digital currency could diminish banks’ limitation to drop interest rates below zero.

Jan Smets went on to say:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Let’s stop calling bitcoin a currency. Unlike the euro, bitcoin is not guaranteed by a central bank or government as a means of payment so bitcoin is not a currency. Even if there are small risks for investing in bitcoin at the moment, there are potential consequences for financial stability.

The bank governor was pretty keen on the notion that Bitcoin could not be trusted and used like a currency because there’s no central authority overseeing the network. He went on to say that most of the people investing in Bitcoin are only doing so because they’re speculating on the virtual currency going up in value. On a positive note, he does say the risk of investing in Bitcoin is pretty low at the moment, but this could change pretty rapidly.

Likes Bank-Issued Crypto

It should be noted that Bitcoin and other cryptocurrencies appeal to many people because there’s no central authority behind them. Crypto networks run on a trustless, decentralized, and peer-to-peer system. The whole point of crypto is that you don’t need to rely upon banks or central governments in order to send or receive money.

Crypto Bank ICO

On his people investing in Bitcoin comment, I think he may both be right and wrong. A great many people use bitcoins as an everyday part of their life, whether for buying things or getting paid. It’s a tremendous way to pay people who have done work for you but live on a different continent. All the red tape and other barriers banks and governments have put up over the years is completely circumvented when using crypto. However, there are a good number of people who are buying the cryptocurrency in hopes of it gaining in value. Such speculation can have an impact upon price.

Of course, Smets is a fan of digital currency if it’s issued and backed by a bank or government. He sees promise in what the blockchain can deliver for the payment system in terms of innovation and efficiency, and he hopes to see a digital euro one day. The governor of the Reserve Bank of Australia, Philip Lowe, is also in favor of bank-issued crypto as well.

It should be noted that Jan Smets is not alone in his views on Bitcoin. Other bank governors are also part of the chorus. Governors from the central banks of Australia, Canada, Denmark, and New Zealand have all denigrated Bitcoin and other cryptocurrencies. Such an attitude is not surprising as Bitcoin and other cryptocurrencies are cutting out institutions such as banks from the daily economic interactions between sovereign citizens.

Do you agree with Jan Smets in that Bitcoin is too unstable to be a threat? Do you think banks will begin issuing their own cryptocurrency? Let us know what you think in the comments below.


Images courtesy of Pixabay and Bitcoinist archives.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Jeff Francis

Jeff Francis

Related Posts

50% of Bitcoin hashrate Controlled by Two Mining Pools

Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

16 hours ago
Institutional Bitcoin Buying Is a Positive Sign, Suggests Matrixport

Institutional Bitcoin Buying Is A Positive Sign, Suggests Matrixport

2 days ago
Bitcoin BTC

Inflation May Be In A Lull, What Does That Mean For Bitcoin?

2 days ago
Bitcoin Lightning Network POS Clover

Major Adoption News For Bitcoin: POS Giant Clover Starts Lightning Trial

3 days ago
Bitcoin

These Metrics Hint At Massive Bitcoin ‘Buying Opportunity’, Says Analyst

3 days ago
Bitcoin Whale

Bitcoin Exchange Whale Ratio Surges, What Does It Mean?

4 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Is Aptos (APT), Solana (SOL), or Snowfall Protocol (SNW)...

    21 hours ago
  • Hector Network launches its NFT marketplace on Fantom...

    21 hours ago
  • Fantom (FTM) launches ecosystem vault to finance dApp...

    21 hours ago
  • Esports Driving the Advancement of Cryptocurrency in Sports...

    1 day ago
  • Connecting the dots on $PAW. Is Ryoshi back?

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.