German Federal Bank President Jens Weidmann was the last Thursday guest in Leipzig to discuss with the citizens about a possible cash abolition. We were live on the spot and asked Mr. Weidmann important questions in relation to Bitcoin and the block chain technology.
For some time rumors that in the long term, the cash must be abolished. This is a very spicy discussion was not heated last again by headlines that the 500€bill may not be printed (the abolition of the bill by the end of 2018, the mirror).
Cash abolition in the near future is unlikely
In many European countries, a top was introduced cash limit, which Were paid in cash. This measure is intended to curb, according to authorities, the money laundering
In the core of the debate is the question of how the Position of the ECB for cash abolition. According to Jens Weidmann, “the people decide” if and when there is an abolition of paper money. Furthermore, stated Weidmann: “80 percent of all transactions are done with cash. The volume of the 50 percent“. Furthermore, the Germans were bargeldaffin and from the point of view of experts, yet not a step in the cashless society.
Arguments against abolition are from the point of view of the citizen is quite clear, the accompanying 100%term glasses beauty of each individual person. By this step, it would be possible to collect data on each purchase made. This new data about consumer behavior, which companies such as Facebook and co. more targeted advertising create.
The view of the Bundesbank currencies to Crypto
We have asked Mr Weidmann, whether crypto-currencies such as Bitcoin could replace in the long term, the banks, and what opportunities he sees in the technology of the Blockchain. His answer to the first question was very clearly formulated. Both he, and the ECB see “no danger in the question of the monopoly on the money”.
Bitcoin is suitable, in his opinion, very good to take for the “little money” to make a profit with home. A brief survey of the Leipzig dome arena, the Leipziger Volkszeitung, showed that except us no one with Bitcoin or other crypto currencies in everyday transactions.
Nevertheless, he can see in the block chain technology is a huge opportunity, which can significantly affect the future financial market. The Bundesbank’s research is currently also in a virtual environment, where transactions in real-time can be handled.
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