While speaking in a debate in regards to the impact of the digital revolution in the world of finance, President of the Brazilian banking Federation, Murilo Portugal, opined that cryptocurrencies are not actual currencies. Portugal made the argument that cryptocurrency doesn’t fulfill any of these traditional functions of money.
“Cryptocurrencies are not a means of exchange.”
The President of the Brazilian Banking Federation Murilo Portugal, said that cryptocurrencies do not serve as a means of payment or as a store of value as their volatility is very high. He also noted that the cryptocurrency does not fulfill any of the classic functions of the currency, which is to serve as an account unit, where people can express prices. The Brazilian President had served as an executive director of the World Bank and International monetary fund.
Murilo Portugal is not the only one to criticize crypyocurrency.
The President of the Brazilian banking Federation is not the only one that thinks cryptocurrencies do not have real use and can not be considered as real currencies. The former Director-General of the European Central Bank, Aurel Schubert, said that bitcoin has no future, and sooner or later, it will be on display in the Museum of Illusions. The next governor of Bank of England, Andrew Bailey, also opined that bitcoin has not caught on as much as people had predicted it to be.