Germany's central bank believes Bitcoin does not threaten financial stability

Germany’s central bank believes Bitcoin does not threaten financial stability

Crypto News | Cryptocurrencies

Germany’s central bank believes Bitcoin does not threaten financial stability. The Central Bank of Germany decided that digital currencies, such as Bitcoin, do not pose a serious threat to the existing monetary system of the country.

Speaking at the EBF Cloud Banking 2019 conference in Brussels, a representative of the central bank Burckhard Baltz presented a report entitled “Digital Transformation – the prospect of a central bank. ”

Balz, who is a member of the executive board of Deutsche Bundesbank, said that the cryptocurrency market in its current state does not jeopardize the state’s economy or its financial stability.

According to Balz, the German financial regulator will continue to monitor the cryptocurrency space for any new breakthrough initiatives that may require official intervention. However, the main focus of the central bank will be on the introduction of new technologies, such as machine learning, process automation and blockchain technology.

The German central bank’s positive statement that cryptocurrencies can coexist with existing currency systems appeared a few days after the local conservative political alliance published a report emphasizing the potential of the blockchain technology.

In addition to promoting a favorable regulatory framework for the startup, the party also offered a stable “Digital Euro” coin, which will be issued as a token Ethereum ERC-20.