比特币和中央银行：欧洲央行的分类拒绝

“中央银行储备必须是液体，安全和安全的。比特币不符合这些标准。”克里斯汀·拉加德（Christine Lagarde）凭借这些言语拒绝将比特币整合到欧洲中央银行的官方储备中的任何可能性。

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.

比特币融入中央银行储备中的一体化继续将经济参与者深刻分歧。一方面，一些州长主张将资产多样化，以使货币战略适应不断变化的世界。另一方面，欧洲中央银行（ECB）保持严格的路线，坚决拒绝比特币作为价值存储的任何合法性。

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）的陈述之后，这场辩论已经提出了一个新的维度。在一次新闻发布会上被问及有关在中央银行储备中包括比特币的可能性时，欧洲央行总统突然切断了猜测，并指出比特币不符合任何必需的标准：“液体，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.

这与捷克国家银行总督AlešMichl的地位形成鲜明对比，后者愿意探索新的资产类别。这种日益增长的分歧说明了对金融体系的保守方法与更务实的愿景之间的裂痕，这些决策者试图预期即将到来的货币转型。

Bitcoin and Central Banks: A Categoric Rejection by the ECB

比特币和中央银行：欧洲央行的分类拒绝

“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.

“中央银行储备必须是液体，安全和安全的。比特币不符合这些标准。”克里斯汀·拉加德（Christine Lagarde）凭借这些言语拒绝将比特币整合到欧洲中央银行的官方储备中的任何可能性。

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.

根据欧洲央行总裁的说法，该资产仍然过于波动，投机性和缺乏任何机构保证，无法用作货币管理工具。她认为，中央银行的作用是维护财务稳定，这是与比特币不可预测的性质不相容的任务。

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.

当一些机构开始质疑其储备的多元化时，这种立场就达成。捷克国家银行最近宣布打算探索新的资产类别，该计划可以打开整合替代资产的大门。它的州长没有明确提及比特币，但他的陈述表明，加密货币的问题是正在进行的反思的一部分。

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.

鉴于这种进化，克里斯汀·拉加德（Christine Lagarde）强调，欧洲央行（ECB）保持了保守的方法，并坚持欧洲中央银行之间的连贯性。在她看来，货币战略不能由国家选择动机的孤立决定决定。

Diversification of Monetary Reserves: A Divisive Debate

货币储备的多元化：分裂性辩论

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·拉加尔德（Christine Lagarde）明确拒绝将比特币整合到中央银行储备中，但欧洲货币机构中的其他参与者倡导修改分配战略资产的标准。

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.

目前的宏观经济环境是货币政策持续通货膨胀和不确定性的特征，它促使几家央行重新评估其投资策略。在这种情况下，一些分析人士认为，尽管有波动性，比特币在几个世纪以来可能发挥与黄金相似的作用。一旦被视为风险和有争议的资产，这种贵金属现在是全球储备的基石。在这种逻辑中，比特币可以遵循可比的轨迹，随着其采用和调节的发展。

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.

在监管方面，中央银行面临着前所未有的挑战。有些像捷克国家银行（Czech National Bank）正在寻求通过探索新资产来扩大其投资范围，而欧洲央行（ECB）等其他资产则保持了更加谨慎和僵化的地位。

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，辩论超出了比特币的问题。它提出了一个更广泛的问题：在快速变化的货币体系中，应该给新形式的价值形式？随着金融部门在技术创新和连续的经济危机的影响下的发展，中央银行储备的管理可能需要更快地改变。

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.

欧洲央行对比特币的绝对拒绝表明，对货币储量的现代化储备与严格调节框架的拥护者之间的裂痕越来越大。尽管欧洲央行的立场不灵活，但一些中央银行可能会通过逐步整合新的资产类别来采用一种更具实验性的方法。这种差异为混合模型铺平了道路，其中加密货币与传统金融工具共存。

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，机构投资组合中比特币的未来将取决于即将到来的经济发展，法规的适应和技术进步。鉴于这些转变，欧洲央行是否能够维持其反对派，还是会在面对全球货币体系的不可避免的突变中被迫调整其学说？