Your future, to debate in the G20

Other virtual currencies such as Ripple or Ethereum have been revalued by 8%, while Litecoin is up 38%. The rises come at key moments for the future of bitcoin. With the support of the Bundesbank, the German central bank, the finance ministers of the G20 are looking for the regulation of cryptocurrencies at the next meeting of the group. From there could be the basis for tougher legislation against the virtual currency market due to its opacity.

According to Jens Weidmann, head of the Bundesbank, given that money laundering and cryptocurrencies are offered as a means to finance terrorism globally, "it is clear that a national or European regulation can only have a limited effect". That is why it calls for a major, large-scale, global offensive.

The president of the Bundesbank, Jens Weidmann, one of the most critical voices with bitcoin (Krisztian Bocsi / Bloomberg)
Weidmann said that, for now, the risks to financial stability derived from cryptocurrencies are limited, but "this could change if banks invest in a stronger measure" in them, if investors make money available to speculate in digital currencies. or if the crypto-bags withdraw liquidity.

The banker argued that cryptocurrencies, including bitcoin and another 1,500 more, are not coins and should be called a token and that a bitcoin transaction consumes 460,000 times more electricity than a regular bank transfer. In addition, the volatility with bitcoin is six times higher than that of the S & P 500 stock index and thirteen times that of gold.

"Bitcoin is inefficient from an economic and ecological point of view," Weidmann concluded.