FRANKFURT, Nov 9 (Reuters) - Cryptocurrencies will never prevail as a general money substitute and central banks are unlikely to create digital currencies of their own without limits, European Central Bank Vice President Vitor Constancio said on Thursday. With the value of bitcoin soaring to new records and some predicting a crash, central banks around the world have come under pressure to monitor these assets, evaluating their potential threat to stability. "The so-called private 'cryptocurrencies' can never prevail as general money substitutes," Constancio said in Rome. Constancio warned against central banks backing digital currencies through distributed ledger technology like blockchain. "The use of the blockchain by central banks to create digital currency open to all citizens without limits would be really disruptive," he said.

Source: Times of India November 09, 2017 15:56 UTC