Ulrich Bindseil News

Bitcoin is still a pernicious phenomenon with no intrinsic value despite its US approval as an asset for inclusion in Exchange-Traded Funds, two European Central Bank staff members wrote. The blogpost on Thursday by Ulrich Bindseil, the Frankfurt institution's market infrastructure and payments director general, and Juergen Schaaf, an adviser, reiterates their long-held view that the digital currency presents risks to both society and the environment.

In a blog post published by the European Central Bank, Ulrich Bindseil, director general of market infrastructure and payments and Jürgen Schaaf, an advisor to the central bank, say that for bitcoin lobbyists the formal approval by the SEC confirms that Bitcoin investments are safe and the preceding rally is proof of an unstoppable triumph. In the mid-2010s, the hope that bitcoin's value would inevitably rise to ever new heights began to dominate the narrative. But bitcoin is neither suitable as an investment or even as a real-world means of payments, the blog argues. Bindseil and Schaff believe that lower interest rates and the SEC green light have opened the floodgates to Wall Street for bitcoin, promising large inflows of funds, "the only effective fuel in a speculative bubble".

The European Central Bank (ECB) has reiterated its position on  Bitcoin (BTC) , stating that the approval of spot ETFs for the cryptocurrency does not change its unsuitability as a means of payment or investment. 

The European Central Bank (ECB) has responded to concerns from financial institutions regarding the central bank digital currency’s (CBDC) role. ECB’s report emphasized that “a digital euro will be designed as a means of payment and not for investment.”

Ripple has partnered with the Bank for International Settlements (BIS) to join its cross-border payments interoperability and extension (PIE) task force.

Bitcoin is maintaining a bullish outlook during the UK session, as it has once again crossed above the $17,000 mark. Ulrich Bindseil, director general of the European Central Bank (ECB), and analyst Jürgen Schaff published a blog article titled "Bitcoin's Last Stand" on November 30. The European Central Bank (ECB) took a hard stance against Bitcoin. 

Bitcoin (BTC) will soon embark on “a journey to irrelevance,” and is mostly used for illegal purposes, the European Central Bank (ECB) has claimed. But according to one on-chain expert, the claim does not hold water.

In light of the recent FTX collapse and liquidity scandal, regulators in the European Union have joined other global lawmakers in a push for more clear guidelines and regulations on cryptos.

A central bank digital currency (CBDC) is “an investment” to protect the current fiat monetary system, according to a central banker from Sweden, who also argued that cash will soon be history.

There’s a tendency among consumers to think of CBDCs as simply digital money and assume that the same conditions which apply to notes and coins will also apply to these central bank digital currencies. However, a December paper by the European Central Bank shows why such a mindset is a mistake.