President of Brazilian banking On cryptocurrency: They do not fulfill any of the classic functions of currency – Crypto Daily

Murilo Portugal, the President of the Brazilian banking Federation has argued this week that digital currencies such as bitcoin are not actual currencies.

Portugal was speaking in a debate in regards to the impact of the digital revolution in the world of finance. The debating question looked into the impact of new technologies and how they are having changed the financial world as we know it. This includes things like blockchain, cryptocurrency, AI, financial technologies and big data.

Portugal made the argument that cryptocurrency doesn't actually fulfill any of these traditional functions of money. He added that they are not a unit of account nor a means of exchange. He further said:

"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. They do not serve as a means of payment or as a store of value because the volatility is very high."

When it comes to the world of finance, Portugal is a well-respected name. As well as having a degree in economic development from the University of Cambridge, Portugal served as an executive director of the World Bank and International monetary fund.

Finishing off, he went on to theorise that money and information are becoming one in the same. He predicted that data and information could end up becoming a regulated entity in the same way money is.

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President of Brazilian banking On cryptocurrency: They do not fulfill any of the classic functions of currency - Crypto Daily

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