Davos: Central bankers say cryptos aren't real currencies

With the prices of cryptocurrencies like bitcoin and ethereum and so-called stablecoins like Luna and TerraUSD plunging in value and hurting many investors in the process, that seems unlikely for now — at least not until crypto starts behaving more like traditional currencies, central bankers and regulators in a panel discussion at the World Economic Forum in Davos told CNN’s Julia Chatterley Monday.

“Bitcoin may be called a coin but it’s not money. It’s not a stable store of value,” said Kristalina Georgieva, managing director of the International Monetary Fund.

Georgieva said some cryptocurrencies are more akin to a pyramid scheme for the digital age because they aren’t backed by real assets. But she said central bank digital currencies (CBDCs) supported by governments can, in fact, be stable.

François Villeroy de Galhau, a governor with the Central Bank of France,…

Davos: Central bankers say cryptos aren’t real currencies

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