Many had expected the European Central Bank to change its hostile stance on Bitcoin[BTC]. However, in spite of the arrival of Christine Lagarde, Philip R. Lane who is the Chief Economist and Executive board member stated, “No. Bitcoin is not a currency, it rather is an asset and it is very volatile.”
This opinion was shared via the official handle of ECB on Twitter in response to a user’s question. Since then, there have been hundreds of answers, as people across the world started sharing their opinion. The loss of value of the Euro as a currency was a subject of discussion.
This year, amidst the U.S. China Trade War, the Chinese Yuan has started to drop. This had alarmed the lawmakers and Xi Jinping, who has since adopted an anti-bitcoin stance. The Chinese authorities are trying to outlaw public mining as well.
If there ever comes a time where the price of Bitcoin is stable, ECB will include the digital currency in their “currency reserves”.
The previous Managing Directors of the nosy International Monetary Fund[IMF] Christine Lagarde is likely to become ECB’s next president. She has repeatedly extended olive branches towards cryptocurrencies. Christine favors Ripple[XRP] as a digital currency too.
As the leadership evolves, so will maturity. So all hope is not yet lost.
BREAKING: China has received internal approvals to create a central bank digital currency and has already started building it.
Let the global arms race for digital currency supremacy begin 🔥
— Pomp 🌪 (@APompliano) July 8, 2019
A digital Yuan will soon be unveiled after the developers are done with their work. Although, in China, EOS, TRON, and NEO are the top altcoins.
TRON has been welcome due to efforts of the Chinese Government, even as the network has concerns regarding decentralization. Its highly scalable nature is a plus-point for the communist authorities.
China is home to the world’s largest populations (for now, in 5 more years due to extreme lack of sex education India will soar past China). The People’s Bank of China has started working towards the completion of the project.
There is a chance that RBI might copy this move of our powerful neighbors. The Reserve Bank of India has begun engineering their own blockchain network. All these currencies will undoubtedly help Bitcoin[BTC] scale greater heights.