UBS authority joins in bitcoin bashing by bankers

ZURICH (Reuters) – UBS Chairman and former Bundesbank President Axel Weber pronounced on Wednesday bitcoin does not do some of a many critical functions of currency, a latest comparison landowner to demonstrate questioning about a cryptocurrency.

“I get mostly asked because I‘m so doubtful about bitcoin, it substantially comes from my credentials as a executive banker,” Weber pronounced during a discussion orderly by a Swiss Finance Institute.

“The critical duty of a banking is, it’s a means of payment, it has to be generally accepted, it has to be a store of value and it’s a transaction currency. Bitcoin is usually a transaction currency.”

Weber’s comments follow JPMorgan Chase Co (JPM.N) Chief Executive Jamie Dimon final month observant bitcoin “is a fraud” and will blow up.

Bitcoin is a digital banking that enables people to send value to any other and compensate for products and services bypassing banks and a mainstream financial system.

While banks have mostly directed transparent of bitcoin given it emerged following a financial crisis, a practical banking has a operation of supporters, including record enthusiasts, libertarians doubtful of supervision financial process and speculators captivated by a cost swings.

Weber was some-more upbeat about blockchain, that was initial grown to energy bitcoin and is a common bill of information that is confirmed by computers rather than a executive authority, and pronounced over time a thought of a digital bill would be widely accepted.

Earlier on Wednesday, Commerzbank AG, Bank of Montreal, Erste Group Bank AG and CaixaBank SA pronounced they had assimilated an beginning launched by UBS and IBM Corp directed during building blockchain-based record to support trade financial transactions.

Reporting by Joshua Franklin; Editing by Mark Potter

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