The Views of Central Bank Officials Regarding Bitcoin
As the value of bitcoin continues to grow, some US Central Bank officials are concerned about how much of it is really a scam and how much of it is worth any way. There are people who see it as a “pump and dump” scheme. But others say that it’s a very real currency and it has many features that make it unique among the world’s currencies. This article will take a look at views of central bank officials in the United States and in other countries who are following the news about bitcoin.
The views of central bank officials are important to understand because the people who are making decisions about the future of the value of bitcoin are the same people who have to answer for the decisions they make. In fact, there is an individual now in Switzerland who is taking control of the reports about bitcoins as they happen. This is the person who will be responsible for any news about the value of bitcoin that comes out in Switzerland or anywhere else in the world.
One view of central bank officials who want to do something about bitcoin is that it’s just another form of high risk, high reward money laundering that is being used to fund drug trade. However, one recent exchange of bitcoins for dollars and other currencies was actually a gift that was given to the owner of the service that enabled them to accept payment in bitcoins. So, some are saying that it’s not really a scam after all.
Another view of central bank officials is that it’s just another currency that is going to go away in the future and eventually becomes nothing. In fact, this is the perspective of the Swiss government as well. They worry that if the value of the dollar continues to fall, the amount of bitcoins in circulation will continue to rise.
Another view of central bank officials is that it is just one more way to circumvent the existing regulatory regime. They fear that if something is done soon, then this will all come crashing down on the governments of the world. It’s a nice way to make some money and they don’t like it. But, they are also worried that governments around the world won’t be able to impose capital controls if it was discovered that people were using this virtual currency to move money around.
Yet another view of central bank officials is that it’s a workable idea that could possibly make financial transactions easier. But, some are concerned that it’s too new, so they aren’t sure that people will actually use it. While they might make it easier to accept payments in bitcoins, they might also create a lot of wealth for some people who are smart enough to use it for crime purposes.
In general, these views are complex and it is very difficult to put a finger on exactly what each central bank officials believe. In addition, their views may change depending on the political environment or their views of how people will react to the use of this technology by criminal elements. The views are very diverse and difficult to understand.
Overall, the views of central bank officials vary. Some may want to do something about it while others say it’s no big deal. These views are one thing to take note of.