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European Central Bank Executive Dubs Crypto “Evil Spawn” of Financial Crisis

An executive board member of the European Central Bank (ECB), Benoit Coeure, dealt a verbal blow to bitcoin and the infant cryptocurrency industry when he termed the digital currency “a combination of a bubble, a Ponzi scheme, and an environmental disaster,” per a report by Bloomberg, published November 15, 2018.

Bitcoin “Evil Spawn” of Financial Crisis

Speaking at the Bank for International Settlements (BIS) in Basel, the ECB banker called bitcoin a “clever idea” before adding that “not every clever idea is a good idea.” This comes just a few days after the head of International Monetary Fund (IMF), Christine Lagarde, urged central banks the world over to consider issuing digital currencies.

The statement was made keeping in view the steady transition of the world economy to a cashless society. She stated:

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