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FUD for Bitcoin, praise for the Blockchain: CEO of the Royal Bank of Canada on Encryption

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Financial opinions are shared between Jamie Dimon and Christine Lagarde of the IMF. Royal Bank of Canada Chief Executive Officer David McKay said his piece challenges his role and function in society.

Hidden Money

The Canadian bank chief sees Bitcoin, following in a long line of traditional investors who see Bitcoin as a black art of currency.

"The goal that Bitcoin seems to be serving today is really to help move money in a hidden way and facilitate, potentially facilitate, criminal" I think some people will say that it's a fraud, I do not think it's fraudulent … But that does not solve a vital need of society, "he added now. "

traditional idea of ​​money

Because the CEO is obviously working closely with the fiduciary money, it seems that he has trouble probing his deeper functions. McKay says he's fighting to see his legitimacy in comparison to other currencies.

"A currency is a promissory note on a future good, service and economy, I hold a dollar, a pound or a euro because I want to exchange it for a property physical or service in the future and I am confident to retain it because of the political system that supports it, because of the strength of the economy, because of a central bank with reservations. "

"So when you look at these features and the actual need for a currency, how do you apply it to a cryptocurrency? Most of these criteria do not fit, it does not. Is not supported by a government This is not supported by the rule of law, it is not supported by the economy, there is no reserve against that, you really have to operate it in a distributed string environment, "said McKay

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Blockchain over Bitcoin … still

There is little doubt that Blockchain technology is here to stay, and there are many traditionalists who are enthusiastic about this technology while also avoiding its offshoot, Bitcoin.

McKay is in this same boat, supporting the underlying technology.

"Most people in the world are not talking about Bitcoin, they are talking about Blockchain, the public or private distributed registry that underlies the Bitcoin application," said McKay.

"It has a chance to transform everything from our financial markets, and our trading companies, our security settlement companies, directly into our retail franchise. , this ability to work in code and build solutions, two new technologies and areas that we need. "

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