Bitcoin As Currency Has Failed, Says Brazil’s Federation of Banks President, Murilo Portugal

Bitcoin, Crypto Failed as Currency, Says Brazil's Murilo Portugal

Murilo Portugal, Brazil’s Federation of Banks (Febraban) president declared cryptocurrencies; particularly Bitcoin, have failed to replace fiat currencies. Portugal argued that Bitcoin lacks the basic principles.

During a debate named “Impact of the Digital Revolution on the Financial System,” several topics, such as blockchain, cryptocurrency, fintech and the financial industry, in general, were discussed.

“Cryptocurrencies do not fulfill any of the classic functions of the currency.”

Murilo Portugal continued:

“They are actually called coins but they are not coins, which is why it is cryptocurrency. They do not fulfill any of the classic functions of the currency, which is to serve as an account unit, where people can express prices. Cryptocurrencies do not serve as a means of payment or as a store of value because the volatility is very high.”

Mr. Portugal did acknowledge the digital revolution impact on the global economy. However, he said digital currency; which is in the same class as data, will be regulated in similar way as fiat currencies.

Related: Digital Wallets & Crypto Dollar Proposed By House Democrats, Big News for Bitcoin?

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