ECB: Bitcoin is not a solution for a cashless society

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2018-03-14
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.”

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