Bitcoin ‘Keeping Me Awake at Night’: Bank of Canada Governor

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Bitcoin Is a Commodity Not a Currency, Says South Korean Central Bank Chief

Bitcoin Is a Commodity Not a Currency, Says South Korean Central Bank Chief

The head of South Korea's central bank has ruled out classifying bitcoin as a currency, arguing that cryptocurrencies are a form of commodity instead. According to Seoul-Yonhap News, Bank of Korea governor Lee Ju-yeol rejected the idea when asked on Monday whether it's possible to accept cryptocurrencies as legal fiat. The declaration is  the latest official assessment on the tech following a ban on initial coin offerings.
Brazil Central Bank Chief Compares Bitcoin to Pyramid Scheme

Brazil Central Bank Chief Compares Bitcoin to Pyramid Scheme

The head of Brazil's central bank took a harsh stance toward bitcoin earlier this week, comparing the cryptocurrency to a pyramid scheme. According to RttNews, central bank president Ilan Goldfajn was dismissive of recent price appreciation in the bitcoin market. And while he said it was key to "separate" bitcoin from other applications of its underlying technology, Goldfajn said that those buying cryptocurrencies are chasing the same kind of returns as those who invest in pyramid scams.
PBoC Digital Currency Director Calls for Centralized State Cryptocurrency

PBoC Digital Currency Director Calls for Centralized State Cryptocurrency

China may not recognize bitcoin as a legal currency, but it seems to have a clear vision for a state-issued alternative. At a meeting hosted by the International Telecommunication Union this week, Yao Qian, the Director of the Digital Currency Research Institute under the People's Bank of China, reportedly boasted about the potential of a state-owned digital currency, while suggesting that there is an inherent lack of value anchoring public cryptocurrencies like bitcoin. According to a report by Yicai, Yao also framed a state-issued digital currency as a way to stabilize domestic fiat currency, while better securing country's financial status.
Germanys Central Bank: Consumers Wont Use Blockchain for Payments

Germanys Central Bank: Consumers Wont Use Blockchain for Payments

Germany's central bank has published a new research paper centered on distributed ledger tech (DLT), exploring its use for payments, securities settlement and more. Researchers from the Deutsche Bundesbank wrote in the paper that the tech "offers a number of benefits on account of the distributed storage of data" – highlighting both the potential opportunities as well as some of the practical challenges any application might create. In an English-language explainer published alongside the paper (the original version is in German only), the German central bank noted that it doesn't see much of a role for the tech in consumer payments, arguing: "The Bundesbank’s experts see little prospect of DLT being put to widespread use in the field of individual and retail payments given the current state of the art.