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Please forward coin bank bitcoin error screen to sharedip-23229235134. EU central banker Jan Smets adds his voice to a growing chorus of the region’s legacy banking community downing bitcoin and its prospects. 95104 single-format-standard eu-central-banker-stop-calling-the-bitcoin-a-coin global-block-template-1 td-magazine single_template_2 wpb-js-composer js-comp-ver-5. European Union central bankers are becoming increasingly vocal on the subject of the world’s most popular cryptocurrency, bitcoin.

Its precipitous price increase this year seems to coincide with wide-ranging statements, including the digital asset’s threat or lack thereof. NBB governor Jan Smets explained when asked about the possibility of a state-backed crypto for the Union. His answer came after a barrage of disparaging comments regarding cryptocurrencies’ market leader. The NBB is Belgium’s central bank and part of the of the Eurosystem which comprise members of the European Central Bank. Smets, 66, has been its governor since 2015 after serving under two prime ministers as a cabinet chief. In addition to his NBB duties he participates in a dozen boards, academic and financial. We need to warn people about the bitcoin, and people who invest in bitcoins can lose a lot.

With its being woven into new financial products, the digital currency could potentially be catastrophic for wider economies due to its volatile nature. The last time a memorable statement was made by NBB regarding bitcoin came back in Summer of 2014 during a joint statement with its Belgian Financial Services and Markets Authority. In it, they warned about its not being legal tender, hacking, fluctuations and the usual litany of risks bitcoiners are all too familiar with. Prior to that statement, Belgium was thought to be at the forefront of crypto in Europe, at least in some circles. Three and a half years laster, Mr. Smets worries about the purchasing power of the decentralized currency, pointing to its lack of stable backing such as that which the euro has with its tether to the European Central Bank.

Bitcoin’s price moving from 1,000 USD at the beginning of 2017 to around 15,000 USD only buttresses his argument, he believes. Let’s stop calling the bitcoin a coin. What do think about the EBB governor’s comments? Let us know in the comments section below. Edward Kelso is a long-time fintech journalist, passionately covering the cryptocurrency space since 2014.

Sign up for the Bitcoin . Bitcoin News delivered to you! First, Jamie Dimon of JP Morgan Chase says he regrets calling bitcoin a fraud. Now, legacy bank Goldman Sachs is formally recognizing how cryptocurrencies such as bitcoin could act as global money. Kodak, a legacy photography company synonymous with the last century, is to launch its own cryptocurrency, Kodakcoin. Not content with holding an ICO, the company has also decided to get into cryptocurrency mining in what’s been interpreted as a desperate bid to stay relevant.

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