Unofficial digital currencies are better than those issued by the state, a representative of the National Bank of Switzerland said. According to Andrea Maechler, a member of the board of directors of the Swiss Central Bank, unofficial cryptocurrencies carry far fewer risks than state ones. Her comments confirm that Switzerland does not plan to release its own tokens.
Her comments confirm that Switzerland is not planning to issue your own tokens. Andrea Mehler said:
«Digital money of the Central Bank, released to the public, is not necessary to ensure the effective operation of the system of cashless retail payments».
Then she explained why the crypto currency issued by the central bank could increase the risks in the sphere of banking operations. According to her, the government-provided cryptocurrency will make it easier for people to withdraw money from their accounts when they feel that the bank is experiencing difficulties.
She said: «Such a cryptocurrency would provide very few benefits, but would create enormous risks for financial stability.» Mehler believes that cryptocurrency issued by the government, questioned «the proven two-tier system» in which the Swiss Central Bank acts as a Bank for commercial banks, which, in turn, are dealing with customers.
In addition, Mehler said that «cryptocurrency can’t compete with traditional currencies.» She thinks the excitement around cryptocurrencies have exaggerated their real value. CB representative said that the money should be a viable means of exchange and long-term means of capital preservation. In her opinion, crypto-currencies with these functions fail. She also added that the digital coins are highly volatile and increasingly becoming a speculative instrument, and not tender.
A month ago, the head of the stock exchange of Switzerland spoke in favor of the creation of the state cryptocurrency called E-franc, which in his opinion stimulates the Swiss economy, and will also include a payment system more sophisticated than traditional ones. However, Mehler says that Switzerland does not plan to issue its own cryptocurrency, since it does not see any sense in this.
The release of the state of cryptocurrency is one of the latest trends among the world’s governments spoke about it presented in more than one state. Most attention was drawn to the state of the cryptocurrency Venezuela Petro, secured by oil and released in mid-February. President Nicolas Maduro has stated many times about the fabulous sums of money derived from its sale, and also strongly promoted the new currency on the world stage