Lars Rohde of the Danish Central Bank says that crypto-assets such as Bitcoin and other cryptocurrencies are little more than a fad that the central bankers can probably ignore. The Governor of the Central Bank of Denmark said that the much more serious threats stem from the big technology firms. Lars Rohde of Danish Central Bank Suggests Central Bankers can Ignore Crypto as a Fad Lars Rohde released a statement regarding the trouble that technology giants can potentially give rise to and said: “If technology giants start invading the currency area and the means of transaction, then that could be very interesting and maybe also a real threat to the autonomy and independence of central banks.” Rohde can be considered the latest addition in the list of central bankers to issue a warning that the disappearance of cash from the market and the dominance of online payments are inversing the age-old framework within which the monetary policy has operated. Jon Cunliffe, the Deputy Governor of the Bank of England released a statement earlier this month in which he said that the policymakers, as well as the governments, need to make sure that they do not get overtaken by the private providers of these services. In addition to this, it should also be noted that the central bankers from China to Sweden are already working on their own Central Bank Digital Currencies (CBDCs) in response to the falling use of cash. Denmark Won’t be Having a CBDC soon Even though the neighbor of Denmark, Sweden may have a CBDC within five years, Denmark is not on the list of front runners. Cecilia Skingsley, the First Deputy Governor of Riksbank said: “Everyone can choose to invest in cryptocurrencies, but you should be aware that it’s very different from traditional financial assets. I haven’t seen any crypto assets with an underlying real value.”
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