The Chairman of the Bank of Canada: “Cryptocurrencies keeps me awake”

The Chairman of the Bank of Canada: “Cryptocurrencies keeps me awake”

The Chairman of the Bank of Canada Stephen Poloz admitted that cryptocurrency “will not let him sleep at night.”

Poloz: “Issued by the Bank money is the only reliable means of payment”

During a conversation at the Canadian Club on various topics of concern to him currently, Poloz described the unregulated nature of bitcoin and altcoins as that “more closer to gambling than to investing”.

“It is worth noting another point, which I don’t sleep at night. Is the hype around the cryptocurrency”, he told the audience.

The rapid growth of bitcoin has given banking institutions around the world a new reason to develop the appropriate policy to work with a huge number of investors who switch to alternative financial system.

Some of them significantly ahead of the other. For example, the US has already given the green light, at least at the institutional interaction with bitcoin, while other jurisdictions, like the UK, still trying to formulate any official position regarding cryptocurrencies.

And continued expressing their opinions about the issue, Poloz stressed that the people of Canada should read the security paper banknotes issued by banks.

Stephen Poloz

“I am concerned about the following question – what does the emergence of crypto-currencies for cash in your pocket,” he continued.

“…People often forget that the money issued by the Central Bank, is the only truly reliable means of payment”.

The oversight body of the United States denies the influence of cryptocurrency

Citizens of countries whose economies are controlled by Central banks, as Venezuela and India, may not agree with Snake. At the same time, the “risks” of bitcoin and its analogues, apparently, much less concerned about the US government.

In the annual report on more than 150 pages on the “nightmares” that may face the financial system, the financial stability Board identified only a couple of lines to the cryptocurrency.

“Virtual currencies uses a small number of consumers, – stated in the report, so their current impact on financial stability is rather limited”.

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