Speaking with Kitco news, the former Finance Minister of Greece, Yanis Varoufakis, discussed his thoughts on crypto, particularly the flagship digital asset Bitcoin, in addition to gold and central bank digital currencies (CBDCs). Recently, Christine Lagarde, the head of the European Central Bank, said she thinks “cryptocurrencies are worthless.” Regarding her tough stance, Varoufakis stated: As a result, the former finance minister believes that cryptocurrencies such as Bitcoin won’t replace fiat currencies:
Value in blockchain technology
That said, Varoufakis is confident that central banks without blockchain-like technology will be left behind. The finance minister pointed out that the Chinese central bank has already begun to implement its own digital currency and is seeing its benefits. He believes other countries will want to follow suit when it comes to making international trade more convenient for Chinese exporters. Although Varoufakis feels that the European Central Bank is being influenced by commercial banks in Frankfurt, Paris, and London, preventing them from making a move at present, he continued, saying: Finally, the former minister stated that as a result, there could be no apolitical money such as Bitcoin or gold bugs who believed that the solution to government power is to link the capital to the price of gold or silver. Watch the full interview: Former Greek Finance Minister says Bitcoin replacing fiat would be a nightmare
