In a recent article on the Bloomberg website, Eric Lam summarized the positions publicly assumed by each Central Bank.
United States: Jerome Powell said that governance and risk management will be critical points from now on. He said there are significant challenges to the issuance of a crypto-currency by the US government and that privacy is one of the concerns. And, in a last talk in the US Senate, he said that the size of this market is not yet a concern.
Europe: The European Central Bank has been one of the most emphatic critics of crypto-coins, constantly warning about the risks of investing in them. In September, its Vice President Vitor Constancio compared bitcoin to Dutch tulips of the seventeenth century (see more here: braziljournal.com/bi...ulipa-4-fators-which to-innovation).
China: China has made it clear that it wants to have full control over crypto-coins. He repressed the exchanges and the ICOs and talks about issuing an official cryptomoeda of the Chinese government.
Japan: Haruhiko Kahoda, the chairman of the Japanese Central Bank, said in October that there were no plans for the country to launch a digital currency, although it was important to study further.
United Kingdom: President of the Central Bank of England Mark Carney said that crypto-coins are part of a potential financial revolution of the world. The institution has debated the issue in a non-dissociated way with Blockchain, which sees it as an allied technology in the battle against cyber attacks.
India: The Central Bank of India has considered the use of crypto-currencies as a violation of foreign exchange rules as it considers a channel for money laundering and terrorist financing. Meanwhile, the Central Bank is promoting in parallel a study that seeks to evaluate whether crypto-coins issued by a global central bank could bring benefits to society.
Brazil: The Central Bank of Brazil has been a great innovator, never forgetting its greater role, which is the guarantee of the stability of the system. In a statement on the issue in November, he said he sees no immediate risk to the financial system, but remains alert to the development and use of crypto-coins.
Canada: Canadian central bank president Carolyn Wilkins recently stated in an interview that crypto-coins are not forms of money; should be understood as assets or bonds and treated in this way. He said that Blockchain technology should bring much greater efficiency to the financial system.
South Korea: The focus of the Central Bank of Korea has been on protecting consumers and preventing crypto-coins being used as a tool for crimes. The head of the Korean central bank said more research and monitoring is needed.
Russia: President of the Russian Central Bank, Elvira Nabiullina, said that the country does not legalize pyramid schemes and that it opposes any form of private money, be it virtual or real. The government is promoting an action to block access to exchanges of crypto-coins.
Australia: Australian Central Bank President Philip Lowe recently stated that crypto-coins seem to have a greater appeal to criminals than to consumers in general. According to him, the excitement with the crypto-coins has more to do with a speculative bubble than with the efficient use of a new medium for payments.
Turkey: President of the Central Bank of Turkey, Murat Cetinkaya, said that digital currency should contribute to the stability of the financial system, if well designed and planned. Although they impose new risks on Central Banks, such as demand control and price stability, the crypto-currencies, in their view, can play an important role in a non-paper economy, making payment means much more efficient.
The Netherlands: One of the boldest countries on the issue two years ago, the local central bank created its own crypto-currency, called DNBCoin, in an attempt to better understand how the system works.
United States: Jerome Powell said that governance and risk management will be critical points from now on. He said there are significant challenges to the issuance of a crypto-currency by the US government and that privacy is one of the concerns. And, in a last talk in the US Senate, he said that the size of this market is not yet a concern.
Europe: The European Central Bank has been one of the most emphatic critics of crypto-coins, constantly warning about the risks of investing in them. In September, its Vice President Vitor Constancio compared bitcoin to Dutch tulips of the seventeenth century (see more here: braziljournal.com/bi...ulipa-4-fators-which to-innovation).
China: China has made it clear that it wants to have full control over crypto-coins. He repressed the exchanges and the ICOs and talks about issuing an official cryptomoeda of the Chinese government.
Japan: Haruhiko Kahoda, the chairman of the Japanese Central Bank, said in October that there were no plans for the country to launch a digital currency, although it was important to study further.
United Kingdom: President of the Central Bank of England Mark Carney said that crypto-coins are part of a potential financial revolution of the world. The institution has debated the issue in a non-dissociated way with Blockchain, which sees it as an allied technology in the battle against cyber attacks.
India: The Central Bank of India has considered the use of crypto-currencies as a violation of foreign exchange rules as it considers a channel for money laundering and terrorist financing. Meanwhile, the Central Bank is promoting in parallel a study that seeks to evaluate whether crypto-coins issued by a global central bank could bring benefits to society.
Brazil: The Central Bank of Brazil has been a great innovator, never forgetting its greater role, which is the guarantee of the stability of the system. In a statement on the issue in November, he said he sees no immediate risk to the financial system, but remains alert to the development and use of crypto-coins.
Canada: Canadian central bank president Carolyn Wilkins recently stated in an interview that crypto-coins are not forms of money; should be understood as assets or bonds and treated in this way. He said that Blockchain technology should bring much greater efficiency to the financial system.
South Korea: The focus of the Central Bank of Korea has been on protecting consumers and preventing crypto-coins being used as a tool for crimes. The head of the Korean central bank said more research and monitoring is needed.
Russia: President of the Russian Central Bank, Elvira Nabiullina, said that the country does not legalize pyramid schemes and that it opposes any form of private money, be it virtual or real. The government is promoting an action to block access to exchanges of crypto-coins.
Australia: Australian Central Bank President Philip Lowe recently stated that crypto-coins seem to have a greater appeal to criminals than to consumers in general. According to him, the excitement with the crypto-coins has more to do with a speculative bubble than with the efficient use of a new medium for payments.
Turkey: President of the Central Bank of Turkey, Murat Cetinkaya, said that digital currency should contribute to the stability of the financial system, if well designed and planned. Although they impose new risks on Central Banks, such as demand control and price stability, the crypto-currencies, in their view, can play an important role in a non-paper economy, making payment means much more efficient.
The Netherlands: One of the boldest countries on the issue two years ago, the local central bank created its own crypto-currency, called DNBCoin, in an attempt to better understand how the system works.