ECB: Bitcoin is not a solution for a cashless society

Home » BITCOIN » ECB: Bitcoin is not a solution for a cashless society
ECB: Bitcoin is not a solution for a cashless society

ECB Board Member Benois Keru and Chairman of the Committee on Payment and Market Infrastructure at the Bank for International Settlements Jacqueline Lo said that the growing popularity of Bitcoin indicates that the traditional banking system could not provide a working solution for international transfers.

“Despite its obvious shortcomings, Bitcoin showed the problem of the old system: cross-border retail payments,” Keru emphasized.
In his view, payment channels for cross-border transfers are slow, less transparent and more expensive than domestic ones. He added that the solution to this problem is the best answer to the call of Bitcoin. Earlier, the general manager of the Bank for International Settlements (BIS), “the central bank of all central banks,” Agustin Carstens, severely criticized bitcoin, calling it a bubble, a Ponzi scheme and an environmental disaster in one person.

All world politicians are interested in the topic of the cryptocurrency and its future. However, there is still no single position towards cryptocurrencies, mining operations and ICOs. British prime minister Theresa May and US Treasury secretary steven Mnuchin both expressed the need to consolidate standpoints.

They can be called an asset, fine, but they are not a very good version of money because it’s not a very stable store of value where they fluctuate a lot,” she continued adopting a frequent narrative on Bitcoin’s use. “And it’s not a very efficient medium of exchange because you don’t buy your groceries with bitcoin.”

Tags:, ,
  • bitcoinBitcoin$3,876.28
  • ethereumEthereum$137.58
  • rippleXRP$0.314767
  • tetherTether$1.00
  • eosEOS$3.79
  • stellarStellar$0.084789
  • litecoinLitecoin$56.45
  • cardanoCardano$0.042466
  • tronTRON$0.023012
  • moneroMonero$49.46
  • iotaIOTA$0.276888
  • nemNEM$0.041874
  • dashDash$80.84
  • neoNEO$8.75
What is Blockchain?
“Giving users easy access to many different kinds of digital assets on the blockchain and, particularly, tokens that are linked to assets in the real world, is crucial to seeing blockchain adoption reach the next level, and I applaud Digix Global’s initiative in being the first of many such projects to successfully launch” – Vitalik […]
2019-03-06 0 37
What is Bitcoin?
The cryptocurrency industry is becoming more and more popular all around the world. Despite the fact that there are more than 1000 different cryptocurrencies and the number keeps growing, cryptocurrency is often associated with Bitcoin. Bitcoin is the first modern cryptocurrency in the world; it attracts thousands of users and investors from different countries. Millions […]
2019-03-05 0 36
Anton Vokrug, the CEO of DataTrading, about the financial markets and cryptocurrencies
The topic of cryptocurrency regulation will be actual for several more years in Ukraine. The Government of Ukraine has already taken steps towards the adoption of relevant cryptocurrency-related laws. In particular, the Ukrainian officials work on the legalization of the project “The Concept of State Policy in the Field of Virtual Assets”. However, what does the regulation really mean […]
2019-02-27 0 136
IBM used blockchain to ship 28 tons of citrus fruits from China to Singapore
On the eve of the Chinese New Year celebration, the technological giant IBM delivered 28 tons of oranges and tangerines from China to Singapore. When issuing a bill of lading confirming the contract of shipment, the blockchain technology was used, reports CoinDesk. IBM experts note that the electronic bill of lading (e-BL) has accelerated administrative […]
2019-02-19 0 18
© 2017–2018