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The governor of Sweden’s central bank, the Swedish National Bank, said Bitcoin (BTC) could never replace the government-backed fiat currency.
“Private currencies usually collapse sooner or later,” Swedish National Bank Governor Stephen Ingbes said at a banking conference in Stockholm. Mr. Ingbeth’s criticism goes beyond this, claiming that “you can certainly aim for a lot of money if you trade with Bitcoin, but it’s like buying and selling stamps.”
Ingbeth takes Bitcoin’s popularity as a currency seriously, while pointing out its weaknesses as a currency. He is particularly concerned about consumer interests and money laundering, and in June this year, regulators, central banks and lawyers around the world warned that Bitcoin was “big enough.” Admits that you need to pay.
Although Bitcoin is undervalued by Ingbeth, the Sveriges Riks is incorporating Bitcoin’s underlying technology to help with its own Central Bank Digital Currency Development project. Sweden’s e-krona leverages a proof of concept based on Corda, R3’s distributed ledger technology solution. According to the latest information on the pilot version of e-krona, the experiment is going on, from simulating participants to collaborating with real users, including the Swedish retail bank chain Handelsbanken.
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