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Monday, February 6, 2023

European Central Bank Blasted Bitcoin- The Community Responded

The Bitcoin people on Twitter used the comments section of a blog article by the European Central Bank criticizing Btc to protect the digital currency.

Authorities in the EU have joined other international politicians in calling for more precise guidelines and restrictions on crypto in the light of the crisis FTX crash and liquidity crisis.

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On November 30, the ECB published a blog post entitled “Btc’s last fight,” summarizing the financial history of Bitcoin amidst recent price swings. However, it merely highlighted its flaws rather than painting a whole picture that would have included the highs and lows of the cryptocurrency’s history up to that point.

The article, which was written by ECB general director Bindseil as well as advisor Jürgen Schaaf, claims that digital money is “on the way to irrelevance.”

Additionally, it was asserted that little legal business is conducted using bitcoin (BTC) and also that the legislative attention it is presently receiving from politicians throughout the world may be seen as “approval.” Furthermore, it forbade banks from dealing with digital money since it may damage their reputation.

The European Central Bank Is Blasting BTC:

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However, the cryptocurrency  people is prepared to respond to refute and protect its assets if conventional, centralized financial firms disparage cryptocurrencies.

The cryptocurrency community fact-checked the assertions in the paper and highlighted the credentials of its writers in the several of reactions to the European Central Bank’s tweet alone.

Given that Bindseil has written several papers on CBDC and associated use cases, a commentator on Bindseil’s history pointed out a possible conflict of interest.

Another user said that, despite their best efforts to read it objectively, the paper’s assertions that BTC was mostly utilized for “illicit conduct” instead of for actual transactions would be out of date.

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