European officials: Virtual currencies are no way to pay

phys.org | 2/14/2018 | Staff
Mkgirlz (Posted by) Level 3
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European finance officials are underlining their skepticism toward digital currencies like bitcoin, saying they are risky for investors and inefficient as a way to pay for things.

A top monetary official, Jens Weidmann, said in a speech Wednesday that digital currencies such as bitcoin are not good means of payment because their values fluctuate so rapidly. He added they were no substitute for conventional currencies backed by central banks such as the European Central Bank.

Weidmann - Head - Germany - Bank - Council

Weidmann is head of Germany's national central bank and also sits on the governing council of the European Central Bank, issuer of the shared euro currency.

He said that "for a stable monetary and financial system...
(Excerpt) Read more at: phys.org
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