Cryptocurrencies Will be Central Banks Reserves Part: The CEO of Blockchain.info
Cryptocurrencies will be the part of Central banks reserves around the world. Blockchain CEO Peter Smith pointed that several monetary authorities could issue their own cryptocurrencies in 2018.
In a Monday interview for CNBC, Peter Smith, the CEO of the largest cryptocurrency wallet provider, Blockchain.info, said that central banks may keep some cryptocurrency reserves. This will open a green light for them making a wider use of digital coins.
“I think this year will be the first year we start to see central banks start to hold digital currencies as part of their balance sheet,” Smith predicted.
Smith also mentioned Bitcoin and Ethereum. He said that banks can’t ignore cryptocurrencies, because they are an attractive asset for investment with high dividents.
“Bitcoin is already a top 30 currency by supply, and this trend, and pressure to hold digital currency as part of reserves will only accelerate as the price rises,” he said.
Smith added that next year would be an exciting one for the crypto world as central banks would adapt to cryptocurrencies and people would start using the technology behind it.
At this moment central banks have many financial reserves, including foreign currencies and gold. They keep this property to be protected from crises. There is also a possibility that central banks could issue their own digital currencies next year.
However, not all central banks are ready to embrace the crypto revolution. European Central Bank president Mario Draghi noted that cryptocurrencies are not “mature” enough for consideration.
There are some countries, who are suspicious about adopting cryptocurrencies. Despite this fact, Russsia and Australia for example, plan to issue their own cryptocurrency.