The former Greek finance minister says that replacing fiat money with Bitcoin would be “a nightmare”

Cryptocurrencies have been more popular throughout the globe, and their decentralised structure has been cited as a way to gain greater independence from political control.

Yanis Varoufakis, a former Greek Finance Minister, spoke with Kitco News about his ideas on crypto, including Bitcoin, gold, and central bank digital currencies (CBDCs).

“Cryptocurrencies are useless,” claimed European Central Bank chief Christine Lagarde recently. Varoufakis remarked on her stance:

“When it comes to a medium of trade, she is correct. A very small percentage of individuals utilise the cryptocurrencies you’re familiar with on a regular basis. If you acquire or utilise a product, you’re likely to give it away. An investment, the value of which is based on conjecture for the majority of Bitcoin users, and so on

According to the former finance minister, cryptocurrencies like Bitcoin will not replace fiat money: By definition, cryptocurrencies such as Bitcoin will never replace fiat currencies, and it would be a nightmare if they did. “I don’t think that I would call it oligarchic by definition.”

That being said, Varoufakis believes that central banks that do not use blockchain technology will be left behind. As the finance minister noted, the Chinese central bank has already started using its own digital money and has seen its advantages.

To make international commerce more straightforward for Chinese exporters, he thinks other nations would want to follow suit.

There is an incentive for the European Central Bank to progress toward a digital euro.” The Chinese central bank and the Chinese digital currency are going to go ahead of them if they don’t accomplish this.”

Also Read: Dogecoin’s co-founder says that people who believe in LUNA 2.0 are “truly stupid”