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Forbes: Central banks around the world are stepping up their research into Bitcoin

Forbes: Central banks around the world are stepping up their research into Bitcoin

CointimeCointime2024/10/28 02:55
By:Cointime

Forbes reported that major financial institutions, including the Federal Reserve Bank of Minneapolis, the European Central Bank (ECB), and the International Monetary Fund (IMF), are increasing their research efforts on Bitcoin. These institutions are generally concerned about the potential impact of Bitcoin on traditional monetary policy.

The ECB's latest research, released when Bitcoin was approaching $70,000, pointed out that the rise in Bitcoin prices could lead to a redistribution of wealth, benefiting early holders while reducing the purchasing power of other social groups. The Minneapolis Fed warned that the existence of Bitcoin could affect the government's ability to sustain budget deficits.

In its 2023 policy paper, the IMF specifically emphasized that cryptocurrencies could weaken the effectiveness of monetary policy in emerging markets. The IMF suggested that countries should strengthen regulation while focusing on enhancing the credibility of their monetary policy frameworks, rather than implementing a comprehensive ban. These studies indicate that central banks around the world are reassessing the challenges that Bitcoin poses to the traditional financial system.

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