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A top AT&T Inc. executive was questioned Thursday about past emails critical of content providers selling programming to online distributors as the government argued that the telecommunications giant should not be allowed to purchase Time Warner Inc.
In the third week of an antitrust suit to stop…
President Trump lit into Amazon.com Inc. for the second time in three days with a pair of Twitter messages that said the U.S. Postal Service was losing money shipping packaging for the online retailer — “This Postal Scam must stop. Amazon must pay real costs (and taxes) now!” he said.
Nordstrom Inc. spurned a takeover offer from the department-store chain’s founding family, including several of its highest-ranking executives, saying the cash bid of $ 50 a share was too low.
A group of Nordstrom family members informed the board that they intended to acquire the company’s remaining…
An aide to a Republican lawmaker in Florida was fired Tuesday for spreading a bizarre conspiracy theory about survivors of the Parkland school shooting. Benjamin Kelly, a staffer to state Rep. Shawn Harrison, used a government email account to email the Tampa Bay Times , claiming that two students filmed speaking…
“Politicians who sit in their gilded House and Senate seats funded by the NRA telling us nothing could have ever been done to prevent this, we call BS,” Emma Gonzalez said Saturday at a gun-control rally in Florida. “They say that tougher gun laws do not decrease gun violence. We…
Stone Brewing is suing MillerCoors, alleging that the beer giant’s recent rebrand of its Keystone line is too close to the San Diego brewery’s name.
MillerCoors’ Keystone line of light beers was rebranded to emphasize the “Stone” in the Keystone name, putting it in a large font on the line’s cans…
The stars from Clint Eastwood’s ’15:17 to Paris’ want a shot at Hollywood … and dammit we here at TMZ are gonna do W-H-A-T-E-V-E-R it takes to help make it happen. We got Alek Skarlatos, Anthony Sadler and Spencer Stone — the real-life…
Jamie Dimon is having second thoughts about wading into the bitcoin controversy.
The JPMorgan Chase & Co. chief executive, who earlier called the cryptocurrency a “fraud,” said Tuesday that he wishes he hadn’t dismissed the technology in such broad terms.
“I regret making” those comments, Dimon…
There’s a case brewing in DC, and the DOJ is on it. Actually, it’s an old case being given new life, seeking potential illegal activities tied to the Clinton Foundation while Hillary Clinton was secretary of state. The Hill first reported Thursday on the reinvigorated inquiry, with a witness and…
European Union central bankers are becoming increasingly vocal on the subject of the world’s most popular cryptocurrency, bitcoin. Its precipitous price increase this year seems to coincide with wide-ranging statements, including the digital asset’s threat or lack thereof. Recently, the governor of the National Bank of Belgium (NBB) explained that more people should be warned about the decentralized currency and how it isn’t a currency at all.
Jan is Not a Bitcoin Fan
“We have to embrace the innovations and the efficiency gains that this can generate for the payment system,” NBB governor Jan Smets explained when asked about the possibility of a state-backed crypto for the Union. His answer came after a barrage of disparaging comments regarding cryptocurrencies’ market leader.
The NBB is Belgium’s central bank and part of the of the Eurosystem which comprise members of the European Central Bank. Mr. Smets, 66, has been its governor since 2015 after serving under two prime ministers as a cabinet chief. In addition to his NBB duties he participates in a dozen boards, academic and financial.
Quoted in De Vrije Markt, Mr. Smets explains, “We need to warn people about the bitcoin, and people who invest in bitcoins can lose a lot.” With its being woven into new financial products, the digital currency could potentially be catastrophic for wider economies due to its volatile nature. “Even if the risks are small at the moment,” Mr. Smets acknowledges.
Not a Coin
The last time a memorable statement was made by NBB regarding bitcoin came back in Summer of 2014 during a joint statement with its Belgian Financial Services and Markets Authority. In it, they warned about its not being legal tender, hacking, fluctuations and the usual litany of risks bitcoiners are all too familiar with. Prior to that statement, Belgium was thought to be at the forefront of crypto in Europe, at least in some circles.
Three and a half years laster, Mr. Smets worries about the purchasing power of the decentralized currency, pointing to its lack of stable backing such as that which the euro has with its tether to the European Central Bank. Bitcoin’s price moving from 1,000 USD at the beginning of 2017 to around 15,000 USD only buttresses his argument, he believes.
Finally, the EU central banker urges: “Let’s stop calling the bitcoin a coin. Unlike the euro, the bitcoin is not guaranteed by a central bank or government as a means of payment, so the bitcoin is not a currency,” he explained.
What do think about the EBB governor’s comments? Let us know in the comments section below.
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