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Central Banks Do Not Consider Cryptocurrency As Threat to Paper Money

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Representatives of American and European central banks believe that cryptocurrencies do not constitute a threat to either fiat money or regulators themselves. This opinion was expressed by the representatives of central banks of the leading countries during the Amsterdam conference Money 20/20.

Thus, the representative of the Canadian regulator, James Chapman, believes that cryptocurrencies can pose a threat to the financial system solely in the case of hyperinflation. “Everything depends on the central banks themselves. While we are working well, there will be no prerequisites for the disappearance of regulators” – agreed Thomas Moser, the representative of Switzerland. The problems of central banks and fiat currencies can appear only when they stop working well and fulfill their functions. He also stressed that Switzerland has a positive attitude to cryptocurrencies.

The head of one of the divisions of the Central Bank of England, Martin Etheridge, noted that it is very important to raise and discuss the issue of cryptocurrency. Despite the fact that currently, it is impossible to say that fiat money are replaced by cryptocurrencies, no one can guarantee that this will not happen in the future.

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