Central banks do not fear cryptocurrencies

In general, most central banks have a wait-and-see attitude towards cryptocurrencies. That said, it does not mean that they prevent themselves from expressing themselves on the subject. Mario Draghi of the European Central Bank (ECB) is in his second speech. More recently, Hiromi Yamaoka of the Japanese Central Bank (Nichigin) gave a similar speech.

A disruptive power

The emergence of cryptocurrencies poses many questions about monetary policies. Indeed, is it still possible for a state to conduct a viable monetary policy without being sovereign of the currency circulating on its territory? Probably not, but central banks do not consider cryptocurrencies as threats, for the moment.

Speaking at a Reuters-related finance forum, Nichigin's CEO confirmed the disruptive potential of cryptocurrencies, while pointing out that this is what could hinder their adoption.

"It would change the banking system too drastically" Hiromi Yamaoka, President of the Central Bank of Japan

As this quote shows, Yamaoka presents an opinion similar to that of his colleagues at the ECB. Even if the innovations brought by cryptocurrency are impressive, the market is still too young to deserve a real attention. For Hiromi Yamaoka, the cryptocurrency kingdom is still far too distant.

A market too immature

The point of view of the big banks seems to be joined on the immaturity of the crypto universe. Mario Draghi, President of the ECB, had already agreed, saying that cryptocurrencies were not mature enough to seriously consider regulating them, adding that it was in any case not within the purview of the ECB. BCE to ban or regulate Bitcoin. On Monday, he spoke again in the European Parliament, confirming his opinion on cryptocurrencies.

"We consider all this very limited. This is not yet something that could pose a risk for the central banks. Mario Draghi, President of the ECB

The Vice-President of the ECB had confirmed his comments earlier in the month.

"These so-called private" cryptographic currencies "will never prevail as substitute currencies. Vitor Constancio, Vice President of the ECB

It is still interesting to note that the two banks are part of the same initiative to advise banks seeking new opportunities in Blockchain technology.