The ECB does not consider Bitcoin as a reserve currency

The European Central Bank (ECB) has once again confirmed its position on Bitcoin, refusing to recognize it as a currency.

In the series answer questions, which the ECB regularly conducts on Twitter, the bank said it does not plan to add bitcoin to its reserves.

“Bitcoin is not a currency, but an asset, and it is very volatile,” said the ECB, referring to the bank’s chief economist Philip Lane.

Earlier, the ECB and representatives of the bank have repeatedly expressed themselves with regard to Bitcoin. In May, Francois Vilrua de Galo, Governor of the French Central Bank and member of the Governing Council of the European Central Bank, said that stebblocoins have more potential than bitcoin. In the spring, the ECB President called cryptocurrencies a “dubious investment” and stressed that cryptocurrencies are not significant enough to affect the economy at the macro level. A similar point of view was previously expressed by his colleague Yves Mersch, stating that the cryptocurrency market is not large enough to threaten financial stability.

At the end of last year, another member of the Board of Governors of the ECB and the head of the Bank of Estonia, Ardo Hansson, stated that “the cryptocurrency bubble is ready to burst.” A little earlier, another ECB board member Benoit Curie (Benoît Cœuré) said that the blockchain has prospects, while Bitcoin is “a vicious fiend of a financial crisis.”