Bitcoin vs State-backed Cryptos
Speaking during a recent interview, Larcheveque noted that emerging crises would have little impact on the price of Bitcoin. During the interview, the discussions revolved around Bitcoin, and cryptocurrencies developed and led by governments. It also touched on the kind of impact Libra, the stable coin from Facebook would have if launched.
In his opinion, Larcheveque noted that the project initiated by Facebook was by itself quite an extraordinary project. He added that the project was courageous and could, with time, lead to the development of more powerful payment systems for its users. In the course of the interview, he also took time to comment on the comments made by Bruno Le Maire, the French Minister concerning the Libra project saying:
“He understands that a simple “no” is not enough and that we must be the first to get out our cryptocurrency. This is what I find particularly intelligent.”
The Use of a Crypto-Euro
At some point in the interview, Larcheveque also commented on how a crypto-euro could be applied. For him, he holds the belief that such an asset would prove useful for organizations and companies that have come to rely on smart contracts. He said that at this time, the stable coins were the only missing piece in the equation needed to create a true blockchain economy.
On the same issue, he stated that Bitcoin can’t be viewed as the ultimate solution due to its volatile nature. Additionally, the traditional Euro cannot be used as well, as it is not a blockchain native.
Crypto-Euro Developed by European Countries
If a crypto-euro came around to be, he mentioned that he would deem it nice if the crypto-euro was, in fact, developed by countries in the European Union. This would go a long way in helping to protect the technological sovereignty of the continent. But having said this, a project of this nature would obviously involve making a call for tender submissions.
Such an eventuality would mean that there would be no option but to include multinationals, such as Microsoft and IBM. This would pose a problem as Europe’s conception is quite different from that of the United States, whose philosophy is that all information and data belong in the cloud.
But having said all this, he noted that it would not be easy to replace Bitcoin. This is a cryptocurrency that has shown a lot of resilience in the past decade. As such, its ongoing value will have a direct impact on the value of other cryptocurrencies, even though it will not prevent the introduction of new projects.
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