The fear of the banks in front of the bitcoin

The hype surrounding Bitcoin and its digital successors is leaving its mark on the financial world. The classic banking system seems to crumble. Some talk about money-laundering money from a bitcoin bubble that is about to burst, while others talk about bitcoin business, trying to buy as many bitcoins as possible, or creating their own digital currencies. But let's be honest, there have always been money laundering and criminals who have given a piece of paper a value. In our opinion, the negative comments on digital means of payment, desperate attempts to stop something that is unstoppable. Thus, Vitor Constancio, the vice-president of the European Central Bank (ECB), called the Bitcoin a few weeks ago a non-competitive speculative object that could not endanger the euro. Mario Draghi, the President-in-Office of the ECB, commented on Estonia's attempt to set up its own national digital currency as follows. He said that no member state of the euro zone may introduce its own currency. The only valid currency of the euro zone must always remain the euro. If the Bitcoin is just a speculative object, we wonder why the ECB is paying more and more attention to Bitcoin and its successors. The topic becomes even more interesting when one considers that in the meantime a large part of the prospective buyers consists of European banks. This behavior arouses the suspicion that the ECB's rulers do not see Bitcoin as a speculative speculation object, but do not want to admit it publicly. Furthermore, we suspect that the gentlemen are fully aware that something is brewing that is neither regulatable nor controllable. And what do you do and what have you always done in such a case? One discretises the danger, sells it to the public as a disgusting evil, and finally prohibits it by legal means. But this is only mentioned in passing. Because not only in Europe hit the digital currencies such waves. Currently we can observe this all over the world. The Vietnamese Central Bank e.g. has declared Bitcoin illegal. From 2018, it will be illegal to trade digital currencies in Vietnam. The new law states that the country's only legal currencies are those issued or controlled by the central bank. India, on the other hand, is thinking about a state cryptocurrency. The reason for this is the sharp increase in corruption and money laundering committed with Indian rupees. In 2016, the government withdrew all 500 and 1000 rupee bills from circulation and is now considering developing a digital rupee currency. Things are different in Algeria. Here, the government wants to introduce an absolute ban on digital currencies, as in Vietnam. The opposite is currently happening in Lebanon. The Head of the Lebanese Central Bank, Riad Salamé, said at a meeting in Beirut that the country is working on a state-controlled cryptocurrency. He also said that they believe that digital currencies will play a big role in the future. However, they urgently need to be under state control. So we see that the ruling bodies all over the world, these days are very intensively involved with digital currencies and thus, even if unintentionally, become part of the revolution, the digital currency.

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