Former Bundesbank Governor: Bitcoin Doesn't Fully Meet the Definition of Currency The chairman of the Swiss banking giant UBS is convinced that Bitcoin does not fully meet the definition of a currency.

Former head of the Bundesbank: Bitcoin does not fully meet the definition of a currency

The chairman of the Swiss banking giant UBS is confident, what bitcoin does not fully meet the definition of currency.

Axel Weber, formerly head of the German Federal Bank, spoke at an event in Zurich, about which writes Reuters.

Warning that his skeptical attitude may be related to the experience as a chapter central bank, Weber said that despite the arguments of cryptocurrency proponents, Bitcoin only partially meets the generally accepted definition of a currency..

“Some of the most important functions that define a currency include a means of payment, general acceptance, and its ability to serve store of value and a means of calculation. Bitcoin is only a means of payment, "he said..

According to City A.M, Weber criticized the cryptocurrency market at the end of 2015. Then he said that the Bitcoin model is doomed to failure, because where there is no creditor who could intervene in an exceptional situation, the rise will certainly be replaced by a fall..

UBS chairman joins a growing list of heads of major financial institutions who have recently spoken publicly on about bitcoin and cryptocurrencies. Formerly CEO investment bank Goldman Sachs Lloyd Blankfein said that while he is "pondering" about including Bitcoin in the list of services provided by by his company.

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