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Ireland’s Central bank praises crypto, calls it secure and decentralized

Ireland’s Central bank praises crypto as it is very secure and decentralized. The bank’s Governor has recently published a blog where he has shared his views on crypto, the future of finance. He did talk about his concerns about cryptocurrency but also the positives. The main point of the article was the plans of releasing a common digital European currency.  He made it very clear that this is going to happen as it is not a question of “if” but of “when”.

Ireland’s Central bank praises crypto

Ireland's Central bank praises crypto

The Governor of the bank also talked about the increasing attention to decentralization of money as the digitization of finance. He added that the fact people are considering putting their money into crypto is very risky. Several factors like price volatility, energy consumption, risk of fraud and lack of transparency make the advantages sound very less. But we should note that there are a lot of benefits, and the government should not ignore them. The distributed ledger technology is one of the best things about crypto that makes it impossible to hack.

The important benefits

The Governor emphasizes the fact that the use of a distributed ledger could reduce the cost of transactions and also present us with a lot of other applications. One of them is smart contracts that can be used for a lot of things in the future. The use of blockchain technology is the future, and in some way or the other, governments are going to implement it. In fact, central bank digital currencies are possibly going to be the most used medium for this implementation. A recent report suggests that a test conducted on digital Euro suggests over 300k transactions per second. This could drive the usage of blockchain and also bring a lot more people into the world of cryptocurrencies.

Crypto also makes the people free from inflation and the control of the government. One can send money easily anywhere in the world and the monopoly of banks are gone. This makes it a really attractive investment for the future.

What are your thoughts on the fact that Ireland’s Central bank praises crypto? And do you think that CBDCs are going to arrive very soon? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Finland is planning to sell seized Bitcoin worth $80 million.