Riksbank Deputy: Cryptocurrencies “Not a Very Good Version of Money”

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The global elites who gathered at the World Economic Forum in Davos, Switzerland this week had much to say about digital currencies. One of the attendees, Swedish Riksbank Deputy Governor Cecilia Skingsley, expressed a sentiment that seemed to be shared by many, if not all, of the world leaders in attendance, as she asserted that Bitcoin and its digital currency peers are “not a very good version of money.”

Skingsley offered that assessment during a panel discussion on Thursday, and suggested that digital currencies don’t currently “meet the criteria” required for them to be considered as money:

"They can be called an asset, fine, but they are not a very good version of money because it's not a very stable store of value where they fluctuate a lot. And it's not a very efficient medium of exchange because you don't buy your groceries with bitcoin."

She did, however, acknowledge that demand for alternatives to cash has been growing in her country, and said that the central bank was open to people choosing their preferred payment options – “as long as they are safe and efficient.”

Skingsley also confirmed that the Riksbank is still trying to determine whether it will rely on blockchain technology if it moves forward with its own ekrona digital currency.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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