The Central Bank of Ireland (CBI) Governor Gabriel Makhlouf says that the disadvantages of crypto exceeds the benefit it offers by far.
He also said cryptocurrencies could disrupt the financial stability in Europe, but he believes that the region is poised to launch its own CBDC. Emphasizing that “it’s not a question of if but rather how and when.”
The CBI boss appeared to be speaking from both sides of the mouth when he ripped into cryptocurrencies but praised the technology behind it.
“As things stand today, the negatives surrounding crypto far outweigh any benefits.” Makhlouf said before pointing out the “positive elements” that it comes with.
“But we shouldn’t ignore the positive elements of the underlying technology. Distributed ledger technology (DLT) is essentially a secure, decentralized record of information stored across a network and is a key piece of architecture for some types of crypto.”
Gabriel Makhlouf’s comments align with his colleague at the Bank of England, Andrew Bailey who believes that digital assets have no inherent value.