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ECB - What is bitcoin? Review

ECB - What is bitcoin?


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Site Rank: 1

The European Central Bank (ECB) is the central bank of the European union which includes the 19 countries that have adopted the euro. The ECB oversees monitoring the purchasing power of the euro and also to supervise banking mechanisms by safeguarding the value of the euro, maintaining stability in its price, and implement monetary policy regarding the euro.

Clicking the link above will land you on the ECB page for “What is Bitcoin?”. This page carefully outlines how the European Central Bank defines Bitcoin and digital assets and also includes information regarding the policies currently set and possibly set in the future.

The ECB states that Bitcoin is not a currency and provides several reasons backing their decision. You may not agree with their statement, but the page does offer a lot of insight as to what government agencies in Europe are considering Bitcoin to be and how legislating may be affected by this in the future.

Aside from some very light reading and disheartening comments made about Bitcoin, that’s pretty much all you’ll find on this page. It’s really simple, almost too simple. No, most definitely too simple and doesn’t clearly outline the ECB’s understanding of Bitcoin and other cryptocurrencies. Nonetheless, I would keep an eye on this page for future editions, changes, etc as the ECB may be able to influence policy if Bitcoin threatens the euro.

Pros & Cons
  • This page very clearly states how the ECB views Bitcoin and that is “Not a currency” and also a “gamble”.
  • It saddens me to see the ECB does not offer a great deal of explanation behind their reasoning and they offer no insight into how blockchain technology will affect monetary systems in Europe.