ECB is Against Use of Bitcoin as a Means of Payment
The European Central Bank (ECB) is skeptical about the use of Bitcoin as a means of payment, despite its increasing popularity in Western countries.
According to Ulrich Bindseil, head of the ECB’s Market Infrastructure and Payments Department, BTC not only poses risks as a payment instrument, but also as an investment asset.
Bindseil commented on the SEC’s decision in January to legalize exchange-traded crypto ETFs that directly invest in digital currency.
He pointed out that even in El Salvador, where BTC is accepted as payment for goods and services, there has not been a significant increase in its usage.
Overall, BTC settlements remain small, with the majority of use occurring in the underground markets and illegal activities.
This is not the first time that Bindseil has expressed concern about BTC.
