{"id":9669,"date":"2021-09-10T14:58:32","date_gmt":"2021-09-10T13:58:32","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=9669"},"modified":"2024-04-09T09:47:10","modified_gmt":"2024-04-09T13:47:10","slug":"trading-bitcoin-is-like-trading-stamps","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/trading-bitcoin-is-like-trading-stamps\/","title":{"rendered":"Central bank governor says trading Bitcoin is like trading stamps"},"content":{"rendered":"\n
Sveriges Riksbank Governor Stefan Ingves<\/a> in comments at a Swedish banking conference gave some derogatory remarks about Bitcoin, he also likened trading the cryptocurrency to trading stamps.<\/h5>\n\n\n\n
\"Sweden's<\/figure><\/div>\n\n\n\n

Bitcoin (BTC) has been criticized by the governor of Sweden's central bank\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, the Sveriges Riksbank, as a far-fetched alternative to government-backed fiat currencies.<\/p>\n\n\n\n

\u201cPrivate money always collapses sooner or later,\u201d Sveriges Riksbank governor Stefan Ingves said at a banking conference in Stockholm. \u201cSure, you can get rich trading bitcoin, but it's comparable to selling stamps,\u201d he added in a further derogatory remark.<\/p><\/blockquote>\n\n\n\n

Despite Ingves' assessment of Bitcoin's shortcomings as a currency, he has taken the currency's popularity among investors seriously.<\/p>\n\n\n\n

The central banker said in June that the cryptocurrency had grown “large enough” to warrant serious attention from regulators, central bankers, and lawmakers throughout the world, citing consumer interests<\/a> and money laundering as key concerns.<\/p>\n\n\n\n

The Riksbank has also taken advantage of Bitcoin's core technology for its own central bank digital currency development initiative, despite Ingves' low opinion of the cryptocurrency.<\/p>\n\n\n\n

Sweden's e-krona is based on a proof-of-concept developed by R3 and based on Corda, a distributed ledger technology solution.<\/p>\n\n\n\n

According to the most recent report on the e-krona pilot,<\/a> trials are ongoing, with simulated individuals collaborating with real-world entities, especially Handelsbanken, Sweden's retail bank chain.<\/p>\n\n\n\n

While the Riksbank's policy is similar to that of most central banks and governments, El Salvador has become the first country to mandate the use of Bitcoin as legal money.<\/p>\n\n\n\n

Despite Salvadorans' concerns about the government's decision, Cardano founder Charles Hoskinson and whistleblower Edward Snowden said this week that other nation-states might someday adopt the cryptocurrency.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sveriges Riksbank Governor Stefan Ingves in comments at a Swedish banking conference gave some derogatory remarks about Bitcoin, he also likened trading the cryptocurrency to trading stamps. Bitcoin (BTC) has been criticized by the governor of Sweden’s central bank , the Sveriges Riksbank, as a far-fetched alternative to government-backed fiat currencies. \u201cPrivate money always collapses […]<\/p>\n","protected":false},"author":12,"featured_media":9678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83,21],"tags":[152,4353,4352,4351],"class_list":["post-9669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","category-news","tag-bitcoin","tag-central-bank-governor","tag-stamps","tag-sweden"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/Swedens-central-bank-governor-says-trading-Bitcoin-is-like-trading-stamps.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=9669"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/9678"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=9669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=9669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=9669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}