Bank of Ireland does not believe in digital assets, and an expert says that crypto assets will replace central banks

Bank of Ireland does not believe in digital assets

The Central Bank of Ireland issued a statement on the possible threat of losing savings in cryptocurrencies. The regulator is concerned about the growing attractiveness of digital assets, it considers them to be speculative and unregulated investments.

“Crypto assets are highly speculative, unregulated investments. Investors should expect that when investing in such assets, they can lose everything,” one of the top managers of the Central Bank Dervil Rowland said.

Up to this point, she said that she hopes for a serious increase in the interest of regulators from the EU in investing in digital currencies. In her opinion, such investments have too much in common with gambling, and therefore they need to be controlled.

Charles Hoskinson says cryptocurrencies will replace central banks

Charles Hoskinson, the creator of Cardano, is confident in the disappearance of central banks. He stated that digital currencies will be replaced by regulators in the future.

“You can’t go back. You can’t change that, you can’t put that genie back in the bottle. Central banks will fade away. It’s just going to happen. Your conventional legacy banks are going to fade away. The payment rails that are so nepotistic, and corrupt, and slow,” Hoskinson said.

According to him, the existing financial system is far from perfect. Hoskinson noted that it is difficult for farmers in developing countries to get a bank loan, and the costs associated with cross-border payments are very high.

Swedish regulator says BTC will boost its regulation

The Governor of the Bank of Sweden is confident that the popularity of the first cryptocurrency will affect its regulation. This statement was issued by the bank manager Stefan Ingves.

“When something gets big enough, things like consumer interests and money laundering come into play. So there’s good reason to believe that [regulation] will happen” the head of the Central Bank said.

According to him, the normative rules will be created “at different times and in different areas.” Earlier, the Swedish Minister of Financial Markets Osa Lindhagen said that the state is busy developing stricter operating rules for crypto projects.