European Central Bank Exec Weighs In On Bitcoin

The European Central Bank is the central banking authority that exists as a central hub for 19 of the European Union member states, known as the Eurozone. The central bank are responsible for managing matters surrounding the Euro and also work towards establishing new policies and standards within the Eurozone, which includes economic giants such as Germany and France.

The 2008 financial crisis shook the globe, as a central bank involved with many different countries we can be assured that the 2008 crash had a huge impact on the European Central Bank too, this is why it could be said they are still pretty down about the situation, to say the least.

According to RTT, Benoit Coeure, a French economist and a member of the Executive Board of the European Central Bank has recently spoken out against Bitcoin, suggesting that it’s rise during the late 00’s might have had an impact on what happened during the global financial crisis.

This comes after Coeure spoke at the Bank for international Settlements in Basel.

According to RTT:

“European Central Bank Executive Board member Benoit Coeure has called bitcoin the 'Evil spawn' of the 2008 financial crisis, Bloomberg reported. At the Bank for International Settlements or BIS in Basel, he stated that bitcoin was an extremely clever idea, but not every clever idea is a good idea.”

Moreover:

“As per the report, Coeure noted that Satoshi Nakamoto, the supposed creator of Bitcoin, mined the first block months after the collapse of Lehman Brothers. He also noted that BIS head Agustin Carstens previously had said that Bitcoin is a combination of a bubble, a Ponzi scheme and an environmental disaster.”

Is this important?

Of course, we must point out that Coeure is still on the executive board at the central bank, so we should take what he says on board as his opinion may be able to influence those high up at the European Central Bank. Indeed, we are sure the central bank are still feeling positive about Bitcoin and that in this instance, this is one opinion in a very big echo chamber, even so though, we should take these comments on board and keep our eyes on any future legislation that might roll into the Eurozone.