Bank of Canada Governor says Bitcoin is not a digital currency

The governor of the Bank of Canada shared his stance and claimed that Bitcoin is not a digital currency but the recent situation shifted people towards the crypto industry. 

In the last 1-2 years, the Crypto market grabbed huge gains and also huge attractions from the other markets like stock & real estate. And also Banking institutions tried to touch the crypto industry to sustain their future with digital assets. After the huge explosion in the crypto industry, many Banking institutions are sharing their stance on the Crypto industry. In the latest, the Bank Of Canada governor shared his stance. 

In an interview with the CTV News, Tiff Macklem- Governor at Bank of Canada- said that Bitcoin is a Digital asset but it can’t be categorised into currency i.e it is not a Digital-Currency. And can’t be used for payment purposes. 

Tiff targeted El Salvador‘ bitcoin law, which legalises bitcoin as legal tender. According to Tiff, El Salvador made Bitcoin just a part of the medium but it can’t be used for day to day transaction purposes.

“Let me be clear, Bitcoin is not a digital currency. People do not use Bitcoin to buy things”

Further, Tiff said that fiat is only the best medium of payment and it will only exist in the long run. 

“We have banknotes, and we’re going to have banknotes, at least for the whole time that I’m Governor; they are not going away”

Tiff asserted that the global economy is moving toward digital adoption and all is because of the past pandemic situation of Covid-19. That pandemic situation changed things rapidly.

“We know our economy is becoming more digital, and the pandemic has accelerated that,” 

Earlier, in an interview, Tiff said that “no crypto can fulfil the requirement of currency”. 

Read also: Michael Saylor says Bitcoin will protect ElonMusk’s Tesla against inflation