02 Nov '12, 10pm

ECB unknowingly encouraging ppl to use Bitcoin by acknowledging it poses a big threat to Central Banks via @NewsVortex

In an extreme case, virtual currencies could have a substitution effect on central bank money if they become widely accepted. The increase in the use of virtual money might lead to a decrease in the use of “real” money, thereby also reducing the cash needed to conduct the transactions generated by nominal income. In this regard, a widespread substitution of central bank money by privately issued virtual currency could significantly reduce the size of central banks’ balance sheets, and thus also their ability to influence the short-term interest rates. Central banks would need to look at their existing tools to deal with this risk (for instance, trying to impose minimum reserve requirements on virtual currency schemes). The substitution effect would also make it more difficult to measure monetary aggregates and, as a consequence, would affect the relationship between the mo...

Full article: http://www.zerohedge.com/news/2012-11-02/friday-humor-ecb...

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