比特幣和中央銀行：歐洲央行的分類拒絕

“中央銀行儲備必須是液體，安全和安全的。比特幣不符合這些標準。”克里斯汀·拉加德（Christine Lagarde）憑藉這些言語拒絕將比特幣整合到歐洲中央銀行的官方儲備中的任何可能性。

The integration of bitcoin into the reserves of central banks continues to profoundly divide economic actors. On one side, some governors advocate for a diversification of assets to adapt monetary strategies to a changing world. On the other, the European Central Bank (ECB) maintains a strict line, firmly rejecting any legitimacy of bitcoin as a store of value.

比特幣融入中央銀行儲備中的一體化繼續將經濟參與者深刻分歧。一方面，一些州長主張將資產多樣化，以使貨幣戰略適應不斷變化的世界。另一方面，歐洲中央銀行（ECB）保持嚴格的路線，堅決拒絕比特幣作為價值存儲的任何合法性。

This debate has taken on a new dimension following statements by Christine Lagarde. Asked at a press conference about the possibility of including bitcoin in central bank reserves, the ECB president abruptly cut off speculation and stated that bitcoin does not meet any of the required criteria: “liquid, safe, and secure.”

克里斯汀·拉加德（Christine Lagarde）的陳述之後，這場辯論已經提出了一個新的維度。在一次新聞發布會上被問及有關在中央銀行儲備中包括比特幣的可能性時，歐洲央行總統突然切斷了猜測，並指出比特幣不符合任何必需的標準：“液體，安全和安全”。

This contrasts with the position of the governor of the Czech National Bank, Aleš Michl, who is open to exploring new asset classes. This growing divergence illustrates the rift between a conservative approach to the financial system and a more pragmatic vision, held by some decision-makers who seek to anticipate upcoming monetary transformations.

這與捷克國家銀行總督AlešMichl的地位形成鮮明對比，後者願意探索新的資產類別。這種日益增長的分歧說明了對金融體系的保守方法與更務實的願景之間的裂痕，這些決策者試圖預期即將到來的貨幣轉型。

Bitcoin and Central Banks: A Categoric Rejection by the ECB

比特幣和中央銀行：歐洲央行的分類拒絕

“Central bank reserves must be liquid, safe, and secure. The bitcoin does not meet any of these criteria.” With these words, Christine Lagarde rejected any possibility of integrating bitcoin into the official reserves of European central banks.

“中央銀行儲備必須是液體，安全和安全的。比特幣不符合這些標準。”克里斯汀·拉加德（Christine Lagarde）憑藉這些言語拒絕將比特幣整合到歐洲中央銀行的官方儲備中的任何可能性。

According to the ECB president, this asset remains too volatile, speculative, and devoid of any institutional guarantee to be used as a monetary management tool. In her view, the role of a central bank is to preserve financial stability, a mission incompatible with the unpredictable nature of bitcoin.

根據歐洲央行總裁的說法，該資產仍然過於波動，投機性和缺乏任何機構保證，無法用作貨幣管理工具。她認為，中央銀行的作用是維護財務穩定，這是與比特幣不可預測的性質不相容的任務。

This stance comes as some institutions begin to question the diversification of their reserves. The Czech National Bank recently announced its intention to explore new asset classes, an initiative that could open the door to integrating alternative assets. Its governor did not explicitly mention bitcoin, but his statements suggest that the question of cryptocurrencies is part of ongoing reflections.

當一些機構開始質疑其儲備的多元化時，這種立場就達成。捷克國家銀行最近宣布打算探索新的資產類別，該計劃可以打開整合替代資產的大門。它的州長沒有明確提及比特幣，但他的陳述表明，加密貨幣的問題是正在進行的反思的一部分。

In light of this evolution, Christine Lagarde emphasized that the ECB maintains a conservative approach and insists on the need for coherence among European central banks. In her eyes, monetary strategy cannot be dictated by isolated decisions motivated by national choices.

鑑於這種進化，克里斯汀·拉加德（Christine Lagarde）強調，歐洲央行（ECB）保持了保守的方法，並堅持歐洲中央銀行之間的連貫性。在她看來，貨幣戰略不能由國家選擇動機的孤立決定決定。

Diversification of Monetary Reserves: A Divisive Debate

貨幣儲備的多元化：分裂性辯論

While Christine Lagarde categorically rejects the integration of bitcoin into central bank reserves, other actors within European monetary institutions advocate for a revision of the criteria for allocating strategic assets.

克里斯汀·拉加爾德（Christine Lagarde）明確拒絕將比特幣整合到中央銀行儲備中，但歐洲貨幣機構中的其他參與者倡導修改分配戰略資產的標準。

The current macroeconomic environment, characterized by persistent inflation and uncertainties over monetary policies, is pushing several central banks to reassess their investment strategies. In this context, some analysts suggest that, despite its volatility, bitcoin could play a similar role to that of gold over the centuries. Once viewed as a risky and controversial asset, this precious metal is now a cornerstone of global reserves. In this logic, bitcoin could follow a comparable trajectory as its adoption and regulation evolve.

目前的宏觀經濟環境是貨幣政策持續通貨膨脹和不確定性的特徵，它促使幾家央行重新評估其投資策略。在這種情況下，一些分析人士認為，儘管有波動性，比特幣在幾個世紀以來可能發揮與黃金相似的作用。一旦被視為風險和有爭議的資產，這種貴金屬現在是全球儲備的基石。在這種邏輯中，比特幣可以遵循可比的軌跡，隨著其採用和調節的發展。

On the regulatory front, central banks face an unprecedented challenge. Some, like the Czech National Bank, are seeking to broaden their investment scope by exploring new assets, while others, like the ECB, are maintaining a more cautious and rigid position.

在監管方面，中央銀行面臨著前所未有的挑戰。有些像捷克國家銀行（Czech National Bank）正在尋求通過探索新資產來擴大其投資範圍，而歐洲央行（ECB）等其他資產則保持了更加謹慎和僵化的地位。

Thus, the debate goes beyond the issue of bitcoin. It raises a broader question: what place should be given to new forms of value in a rapidly changing monetary system? As the financial sector evolves under the influence of technological innovations and successive economic crises, the management of central bank reserves may need to transform much more quickly.

因此，辯論超出了比特幣的問題。它提出了一個更廣泛的問題：在快速變化的貨幣體系中，應該給新形式的價值形式？隨著金融部門在技術創新和連續的經濟危機的影響下的發展，中央銀行儲備的管理可能需要更快地改變。

The ECB’s categorical rejection of bitcoin illustrates a growing rift between proponents of modernizing monetary reserves and advocates of a strictly regulated framework. While the ECB holds an inflexible position, some central banks may adopt a more experimental approach by progressively integrating new asset classes. This divergence paves the way for hybrid models, where cryptocurrencies coexist with traditional financial instruments.

歐洲央行對比特幣的絕對拒絕表明，對貨幣儲量的現代化儲備與嚴格調節框架的擁護者之間的裂痕越來越大。儘管歐洲央行的立場不靈活，但一些中央銀行可能會通過逐步整合新的資產類別來採用一種更具實驗性的方法。這種差異為混合模型鋪平了道路，其中加密貨幣與傳統金融工具共存。

Therefore, the future of bitcoin in institutional portfolios will depend on upcoming economic developments, the adaptation of regulations, and technological advances. In light of these transformations, will the ECB be able to maintain its opposition, or will it be compelled to adapt its doctrine in the face of an inevitable mutation of the global monetary system?

因此，機構投資組合中比特幣的未來將取決於即將到來的經濟發展，法規的適應和技術進步。鑑於這些轉變，歐洲央行是否能夠維持其反對派，還是會在面對全球貨幣體系的不可避免的突變中被迫調整其學說？