Exclusive – Jean-Claude Trichet: I can crypto-currencies at all, gain nothing

the former President of the European Central Bank ECB Jean-Claude Trichet holds a Blockchain-technologies for the further development of the global financial system for interesting. However, it is foremost to be seen how this will develop in the future. In the case of Cryptocurrencies, however, mostly speculative instruments. This underlined the current Bruegel-head this week at an event in Paris.

By David Barkhausen
16. November 2018 share Facebook Twitter LinkedIn xing mail

Long ago, it is no wild assertion. That Blockchain-is said to have technologies that can revolutionize the entire financial sector, reads and hears for the first Time. Less drastically formulated, has already taken so much of the financial world the benefits of the new technologies in the view – contrary to initial skepticism.

At an event on Reform of the global financial control this week also Ex-President of the ECB Jean said-Claude Trichet to the new technologies. On the question of the extent of the Blockchain and crypto-currencies in such a coming transformation play a role, he pondering:

"We need to be prepared for the fact that the technologies fantastic progress, succeed, to apply them in Economics and Finance. The continuous development of the Blockchain could be useful,“

to come, However, it is important to bear in mind challenges such as the sustainability and to be seen how the technologies developed. Less openly, he was against crypto-currencies. Compared to BTC-ECHO, he would reiterate:

"Frankly, I can crypto-currencies at all to gain nothing. Most of these are purely speculative instrument and not [actual] currency. I think that the competent authorities were cautious from the beginning, a little.“

in His opinion, government Agencies would have to proceed "harder against this Explosion," the judgment of the 75-Year-old, who is currently the Belgian think tank Bruegel.

G20 in Buenos Aires: regulatory money laundering to target

For the G20, Trichet had explored, together with twenty financial experts a possible Reform in the governance of the global financial sector. Among them also the former head of the Italian Central Bank, Fabrizio Saccomanni are in addition to Stanford Professor John B. Taylor. Under the microscope they have not only the possibilities for better cooperation of different Central banks, but also the future financing opportunities for developing countries. Technical Details, such as possible Blockchain application, had not been discussed, however, in concrete terms, Trichet.

That the Blockchain technology could especially come in the area of development work in the future, of which the first successes of the witnesses. So the Blockchain could place projects such as the Bank of China, the potential of the technology to the financing of development projects.

At the upcoming G20 summit in Buenos Aires at the end of November these remain, however, for the time being in the Background. Rather, the political focus on the possible regulation of crypto-currencies. For here dwell the greatest concerns of the heads of state and government.

this week, for example, the recent Cabinet paper of the Federal government, calls for regulating bitcoin at the international level. Appropriate framework conditions are needed in order to develop "the potential of the technology and to prevent opportunities for abuse". Similarly, had warned in the past about the British Central Bank, the International monetary Fund IMF or the US Treasury Secretary Steven Mnuchin before the money laundering potential in the haze of the circle of crypto-currencies.