Central Banking

Danish central bank likens Bitcoins to 'glass beads'


The National Bank of Denmark has issued a statement insisting that Bitcoins "are not money" as there is no issuer behind them, and that the virtual currency has "no actual utility value".

Bitcoins bear "closer resemblance to glass beads" than to gold or silver, the central bank said, as their entire worth is attributed to them by their users. They have no inherent value.

The Central Bank of Cyprus echoed this sentiment in its own announcement yesterday – stressing that virtual currencies have va

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