Bank of Canada: “You Can’t Spend Bitcoin!”

Canadian central bank chief Tiff Macklem, known for his skeptical approach to cryptocurrencies, made remarkable statements about Bitcoin and cryptocurrencies in an interview with CTV News.

Chairman Tiff Macklem said that Bitcoin cannot be classified as a currency because it does not have the qualifications to be used in transactions.

Continuing his skepticism about cryptocurrencies, Macklem argued that even though Bitcoin is accepted as a legal currency by countries such as El Salvador, it cannot be used in daily transactions.

Although Macklem acknowledges that the pandemic has accelerated the transition to digital currencies, he claims that the current banknote system will continue for a long time.

Emphasizing that although he values ​​Bitcoin, he does not see Bitcoin as part of the future of digital currencies, Macklem continued:

Let me be clear, Bitcoin is not a digital currency. People don’t use Bitcoin to buy things.

We know that our economy has become digital and that the pandemic has a great role in this. But we have banknotes, and we will have notes, at least for as long as I am president of the central bank.

In previous statements, the central bank stated that it is working on the potential development of CBDCs and that digital currencies are necessary in the current competitive environment.

The central bank, which said in October it has no intention of launching a CBDC anytime soon, said it could change its decision if cash use declines.

*Not investment advice.

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