The ECB does not intend to add Bitcoin to reserves, as it does not recognize the digital asset as a currency

Cryptocurrencies

The European Central Bank (ECB) has once again made it clear that it does not recognize the innovative financial instrument Bitcoin as currency.

As part of the interactive program on Twitter under the hashtag #AskECB, representatives of the ECB made it clear that they are not going to add Bitcoin to their reserves. So, Philip Lane, a leading economist at the ECB, said: “Bitcoin is not a currency, it is an asset, and very volatile.” This response confirms the negative position of the ECB in relation to cryptocurrency, which has already been heard in other public statements by bank representatives.

Recall that in May of this year, the report entitled “Crypto-assets: impact on financial stability, monetary policy, payment and market infrastructure” noted that, in general, cryptocurrency had practically no effect on the traditional economy.

In the meantime, other Twitter users undertook to protect Bitcoin. For example, Pierre Roshard, a software engineer, firmly stated that Bitcoin is still a currency. Another user of the social network presented his own calculator to determine the level of inflation of the ECB and showed a reduction in the purchasing power of EUR since its inception, that is, 20 years ago.