Coinbase Executive Tries to Convince Bankers That Crypto is ‘Real Money’ – ECB Director Disagrees

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The Coinbase team is known for promoting the idea that cryptocurrency is the “money of the future,” but not everyone is convinced. During a recent summit in London, a Coinbase executive attempted to make a case for digital currency as real money, only to be contradicted by the European Central Bank’s (ECB) program director for the digital euro.

At the MoneyLive Summit, Coinbase’s head of business development for Europe, the Middle East, and Africa (EMEA), Peter Stilwell, spoke to a crowd of bankers and finance industry professionals. He proposed that cryptocurrency meets all the criteria to be considered money—fungibility, divisibility, scarcity, security, and verification—and thus should be viewed as real money.

His argument was met with a swift rebuttal from Evelien Witlox, the ECB’s program director for the digital euro, who argued that cryptocurrencies are not money because “there’s nothing behind them.” She suggested that the digital euro is more stable, with rates staying roughly the same over long periods of time, as opposed to crypto which is prone to fluctuation.

When asked if the digital euro could potentially render crypto obsolete, Witlox said, “It’s not up to us to say, but we believe that it’s important to have a very stable solution for people to pay with.”

These remarks are in line with previous comments made by ECB President Christine Lagarde, who expressed concern that people don’t understand the risks of crypto and that more regulation is needed. Both Stilwell and Witlox agreed on this point, but Stilwell added that it is important to ensure regulations don’t stifle innovation.

He said, “It’s going to be very dangerous if we end up with a massive patchwork of regulatory requirements which stifle innovation and mean that this—an inherently global product—is unable to flourish.” Stilwell also noted that there are too many people falling victim to cryptocurrency fraud.

The conversation between Stilwell and Witlox highlights the debate between crypto enthusiasts and traditional banking institutions about the legitimacy of digital currency. It remains to be seen which side will prevail.

This story was originally featured on Fortune.com

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