Ewald Nowotny, who is member of the Governing Council of the European Central Bank (ECB), has warned against adopting the Bitcoin as the official payment instrument, saying that digital currency is not stable and too vulnerable to speculation. Many governments around the world are considering how to regulate and classify a Bitcoin, whose value rose in June to a record high of just under 3,000 USD.
In April, the Japanese government acknowledged Bitcoin as a legal tender as part of efforts to use financial technology to boost the economy.
“The Bitcoin do not owns the main feature that makes a currency good, namely – stability”, said Ewald Nowotny. “The crypto-currency is subject to speculations”, he adds.