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Friday, June 16, 2017

Head of Bundesbank Proposes Digital Currency To Compete With Bitcoin

Head of Bundesbank Proposes Digital Currency To Compete With Bitcoin

Jens Weidmann, the head of Germany’s central bank Bundesbank and one of the most powerful bankers in Europe, proposed the development of central bank-issued digital currencies to compete with Bitcoin.


Weidmann argued that Bitcoin could potentially worsen future financial crisis due to its decentralized nature and the non-existence of central entities within the Bitcoin network.


Although Weidmann’s recognition of the explosive growth of the Fintech and cryptocurrency markets should be appreciated, he is dismissive of the structure of Bitcoin and the characteristics of decentralized cryptocurrencies that make settlement networks such as Bitcoin valuable.


To this date, only a very limited group of traders, experts, analysts, investors and users understand the technical intricacies of Bitcoin. While Bitcoin’s concept is simple in theory, it has been difficult for the vast majority of people within the traditional finance sector to understand because they have learned to deal with centralized monetary systems and financial networks.


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