Bitcoin: Is it Currency? – The Bank of Greece Responds

The Bank of Greece (ΤτΕ) clarifies the status of Bitcoin, answering the question of whether it is a currency.

According to the Bank of Greece, Bitcoin is classified as a crypto asset, a digital unit of value that can be exchanged electronically, without a physical form.

The Bank of Greece explains why Bitcoin is not considered a currency:

1. It is not supported by any central public authority.
2. It is not a generally accepted form of payment.
3. Users are not legally protected in case of theft.
4. It is excessively volatile.

The Bank of Greece describes Bitcoin as a speculative asset, where there is a possibility of profit but also a loss of investment.

Regarding stablecoins, the Bank of Greece points out that they seek greater stability by linking their value to other assets, but they are not supported by a public organization.

The ECB does not have the authority to prohibit or regulate Bitcoin, but advises caution due to the lack of consumer protection.