German Central Bank Official Warns Against Use of Bitcoins

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Another financial authority is coming forth in what is becoming a long list of central banks to issue warnings on the use of the bitcoin digital currency.

This time around it’s the Deutsche Bundesbank, which as previously mentioned, is the central bank of the Federal Republic of Germany. Carl-Ludwig Thiele, one of the bank’s board members, warns that bitcoin is highly speculative and extremely volatile. Both are sentiments that have been echoed by other central banks who have already issued warnings.

Thiele reportedly says bitcoin is a “niche phenomenon”, despite its explosion into the mainstream over the past several months. Still, it’s probably something you would expect to hear from a central bank, whose very job is to manage and protect the nation’s fiat currency.

Which central bank will be next? (via Heise Online – thanks for the tip, Andi)