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Published 4 years ago by vinodprahlad with 0 Comments

Crypto will not fulfill basic rules of currency says Romanian Central Bank

Link: https://www.coinmarketfeed.com/cryptocurrency-news/crypto-will-not-fulfill-basic-rules-of-currency-says-romanian-central-bank

  • A Romanian Central Bank official recently stated that cryptocurrencies cannot replace currency issued by central banks. The news was announced by a local media outlet Business review.

    Daniel Daianu, a member of the Romanian National Bank (BNR)’s Administration Council, emphasised the necessity to be aware of the difference between institutions and their roles. He said,

    “In my opinion, these are financial assets, not cryptocurrencies, and they won’t be able to fulfill the basic roles of currency. [...] Cryptocurrencies will never be able to substitute the currency issued by a central bank. What can happen is for central banks to have a digital currency, but that will also be issued by the bank, and commercial banks will receive digital currency that can multiply. I do agree, however, that new technologies lead to disintermediation and this feature of decentralization shows us the merits of networks.”


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