The head of the Brazilian Federation of Banks (Febraban) believes that the Bitcoin cryptocurrency is not really a currency based on its basic currency criteria.
Murilo Portugal spoke during a debate on digital financial systems. Speaking during the debate entitled “The Impact of the Digital Revolution on the Financial System”, he said that Bitcoin had not shown the classic features or functions that a currency therefore generally does not show yet.
Bitcoin cryptocurrency or coin?
Portugal believes that Bitcoin cryptocurrency is not really a currency but rather coins, which leads to the more appropriate name cryptocurrency.
He maintains, however, that since cryptocurrencies do not fill in one of the classic coin strokes in particular,
to serve as an accounting unit, where people can express prices.
Instead, Bitcoin or any other cryptocurrency does not meet retail payment targets given the high volatility factor. Portugal is however optimistic that there is more in the digital financial world than the Bitcoin cryptocurrency and the debate. He maintains that regulations will soon be imposed on data in the same way as fiat currencies.
As the world progresses, money and information become synonymous with value. On the other hand, in the face of the coronavirus epidemic, supporters of Bitcoin are promoting cryptocurrency as the most important tool against future epidemics.