{"id":10283,"date":"2021-07-31T00:54:05","date_gmt":"2021-07-31T00:54:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/central-bank-of-ireland-governor-talks-crypto-praises-secure-decentralized-technology\/"},"modified":"2021-07-31T00:54:05","modified_gmt":"2021-07-31T00:54:05","slug":"central-bank-of-ireland-governor-talks-crypto-praises-secure-decentralized-technology","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/central-bank-of-ireland-governor-talks-crypto-praises-secure-decentralized-technology\/","title":{"rendered":"Central Bank of Ireland Governor Talks Crypto, Praises \u2018Secure, Decentralized\u2019 Technology"},"content":{"rendered":"

Gabriel Makhlouf, the governor of the Central Bank of Ireland (CBI), has published a blog post in which he shares his views on the digitalization of finance. While echoing concerns expressed by his counterparts regarding cryptocurrencies, the official has also highlighted some of their positives. <\/strong><\/p>\n

Don\u2019t Ignore the Positive Elements of Crypto Technology, Central Bank Governor Says<\/h2>\n

The article titled \u201cDigital Money\u201d was published<\/a> on the bank\u2019s website on Thursday. In the post, Gabriel Makhlouf discusses the project to issue a digital version of the common European currency. The European Central Bank (ECB) recently launched<\/a> its \u201cInvestigation Phase\u201d and although a final decision<\/a> is yet to be taken, the governor believes that it is not a question of \u201cif\u201d but rather \u201chow and when\u201d a digital euro will be introduced.<\/p>\n

Central Bank of Ireland Governor Gabriel Makhlouf. Source: CBI<\/p>\n

Besides central bank digital currencies (CBDCs<\/a>), Makhlouf devotes attention to the rise of decentralized money as a factor in the increasing digitalization of finance. Avoiding the \u201cmisleading descriptor\u201d \u201ccrypto-currencies\u201d and the \u201cless inaccurate\u201d \u201ccrypto-assets,\u201d the banker refers to coins, stablecoins, and tokens simply as \u201ccrypto.\u201d<\/p>\n

<\/p>\n

\u201cRisks are increasing as individuals consider putting some of their money into crypto,\u201d Gabriel Makhlouf says, listing the lack of transparency, price volatility, high energy consumption, and exposure to fraud among the threats investors and governments are facing. \u201cAs things stand today, the negatives surrounding crypto far outweigh any benefits,\u201d the Irish official concludes. However, he also insists that authorities should not ignore the positive elements of cryptocurrency\u2019s underlying technology. The CBI governor notes:<\/p>\n

Distributed Ledger Technology (DLT) is essentially a secure, decentralised record of information stored across a network and is a key piece of architecture for some types of crypto.<\/p>\n

Makhlouf emphasizes that DLT can reduce the costs of financial transactions and eliminate intermediaries in certain cases while also praising the opportunity to issue smart contracts. \u201cThe use of DLT has increased in recent years \u2013 it certainly has potential \u2013 although it remains to be seen how widespread that will be,\u201d the governor adds.<\/p>\n

The importance of DLT is likely to increase as governments around the world examine options to employ blockchain technology in the design of their digital currencies. A recently conducted experiment with the participation of several central banks from the Eurozone and the ECB has indicated<\/a> that a blockchain-based digital euro would be highly scalable. The tested CBDC system was able to simultaneously process over 300,000 transactions a second, the central bank of Estonia revealed earlier this week.<\/p>\n

Do you expect most central bank digital currencies to be based on digital ledger technologies? Let us know in the comments section below. <\/em><\/strong><\/p>\n

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\nFintech, Bank, Blockchain, blockchain technology, CBDC, cbi, Central Bank, Central Bank of Ireland, Coins, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Digital Currency, digital euro, DIstributed Ledger, DLT, Ireland, Irish, positives, risks, technology, Tokens<\/p>\n","protected":false},"excerpt":{"rendered":"

Gabriel Makhlouf, the governor of the Central Bank of Ireland (CBI), has published a blog post in which he shares his views on the digitalization of finance. While echoing concerns expressed by his counterparts regarding cryptocurrencies, the official has also highlighted some of their positives. Don\u2019t Ignore the Positive Elements of Crypto Technology, Central Bank…<\/p>\n","protected":false},"author":0,"featured_media":10284,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10283"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10283"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10283\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10284"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}