'Bitcoin has never been used to any significant extent for legal real-world transactions,' and crypto tech has created limited value for society, according to ecb officials. By iamsandali
) was created nearly 15 years ago as a way to improve upon or replace the existing monetary system, but those hopes haven't panned out, write Ulrich Bindseil, Director General of Market Infrastructure and Payments at the ECB, along with Adviser Jürgen Schaff.
The"conceptual design and technological shortcomings," of bitcoin make it unsuitable for payments, and since the crypto does not generate cash flows or dividends, it's a poor investment as well, they argued., the two claimed bitcoin's value is reliant on continuing waves of fresh money from new investors, and said"big bitcoin investors have the strongest incentives to keep the euphoria going.
The ECB is not known for championing crypto but the bank's critical assessment of bitcoin came with a warning about how the industry is regulated. In fact, lawmakers and regulators around the world are scrutinizing their approach to supervising crypto following the collapse of crypto exchange FTX, which operated across multiple jurisdictions with little accountability.
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