{"id":39646,"date":"2021-03-26T15:56:27","date_gmt":"2021-03-26T13:56:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=39646"},"modified":"2025-08-30T10:41:57","modified_gmt":"2025-08-30T07:41:57","slug":"bis-official-bitcoin-failed-as-a-means-of-payment","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bis-official-bitcoin-failed-as-a-means-of-payment\/","title":{"rendered":"BIS official: Bitcoin failed as a means of payment"},"content":{"rendered":"<p>Bitcoin has failed as a currency due to high volatility, said Beno\u00eet C\u0153ur\u00e9, head of the BIS Innovation Hub, in an interview with <a href=\"https:\/\/www.bnnbloomberg.ca\/investing\/video\/bitcoin-failed-the-test-on-being-a-real-currency-bis~2167834\" target=\"_blank\" rel=\"noreferrer noopener\">Bloomberg<\/a>.<\/p>\n<p>The financier acknowledged that cryptocurrency \u201chas found its place,\u201d but there is a need for a central bank digital currency (CBDC), which will be used for payments.<\/p>\n<p>Bitcoin can be an \u201cinvestment instrument,\u201d but he did not define a role for the asset, C\u0153ur\u00e9 added.<\/p>\n<p>In his view, there is no CBDC race, as they will perform different roles in different countries:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI would not say so. All countries are different. If you look at China\u2019s project, it is very domestic. It really fits their financial system and the way they operate and want to regulate it\u2026 Each state will go its own way. In this sense I do not think there is an advantage to being a pioneer.\u201d<\/p>\n<\/blockquote>\n<p>CBDC competitors are likely to be digital currencies issued by large technology companies, so there is a need to develop common rules, C\u0153ur\u00e9 argues.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe need to draw a map so that everyone can set off on their own journey,\u201d \u2014 he said.<\/p>\n<\/blockquote>\n<p>Facebook has confirmed its intention to <a href=\"https:\/\/forklog.com\/en\/news\/facebook-confirms-plans-to-launch-diem-formerly-libra-in-2021\">launch the digital currency Diem<\/a> (formerly Libra) in 2021. At the same time, Microsoft President Brad Smith believes that companies should not issue currencies, and <a href=\"https:\/\/forklog.com\/en\/news\/microsoft-chief-opposes-private-digital-currencies\">leave this mission to the state<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has failed as a currency due to high volatility, said Beno\u00eet C\u0153ur\u00e9, head of the BIS Innovation Hub.<\/p>\n","protected":false},"author":1,"featured_media":39647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1430,18,1095,1138],"class_list":["post-39646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bis","tag-bitcoin","tag-cbdc","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/39646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=39646"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/39646\/revisions"}],"predecessor-version":[{"id":39648,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/39646\/revisions\/39648"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/39647"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=39646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=39646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=39646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}