June 15, 2018 140By Thomas Ramsay
“Hardly be called a means of exchange, the number of retailers that accept Bitcoin is insignificant, the number of transactions is small. In the same time, the operation of payments with virtual currencies takes more time and has bigger costs versus the existing payment options.”See the full report from Business Review for yourself, here- http://business-review.eu/money/romanias-central-bank-head-on-cryptocurrencies-few-retailers-accept-bitcoin-payments-cost-more-173441 So, whilst the NBR seem to be against cryptocurrencies as money, Isarescu did suggest that the technology behind cryptocurrencies and the blockchain should still be explored, suggesting that overall, the NBR aren’t against cryptocurrencies, rather they just think changes need to be made before adoption can become a realistic prospect. Of course, we already know that is the case. Cryptocurrencies aren’t a readily adoptable package, before then, cultural and financial changes need to be made, at the very least, the NBR seem to understand that. Moreover, by agreeing to the fact blockchain technology has great implications, perhaps we will see the NBR look towards producing their own cryptocurrency, for example a FIAT backed cryptocurrency or token for use in Romania. I suppose by designing their own product, they can at least be sure the currency does fulfil the functions of traditional FIAT currency, making it far more adoptable within Romania, according to Isarescu’s notions at least.