Oof. Then again, did we expect anything less from a former central bank president?
The European Central Bank’s former president Jean-Claude Trichet said he is doubtful that cryptocurrencies can ever become the future of money, becoming the latest monetary authority to pour cold water on the simmering technology that seeks to disrupt and disintermediate global central banks from their control of currencies.
“I am strongly against bitcoin, and I think we are a little complacent,” Trichet said during a panel discussion at Caixin’s 10th annual conference on Sunday in Beijing. “The [crypto]currency itself is not real, with the characteristics that a currency must have.”
The Orwellian doublespeak in the article stands stark. They acknowledge that physical currency is on its way out and that many countries are experimenting with “digital” currencies that they insist is not to be confused with crypto currency. Really? How are they planning to develop a digital currency without the use of cryptography? Countries like Russia, India and China, that have banned crypto currencies, are looking to create their own digital currency. So, as long as they can control the currency it’s fine to introduce it but the moment we (the people) create a currency that cannot be controlled by any central authority, then we get our hands slapped. I’m not surprised. This is typical and expected. Why do you think Satoshi Nakamoto chose to be anonymous?
But, somebody should point the head of the European Central Bank to this article …
