Did ECB hit Bitcoin?in Cryptocurrency, Bitcoin, Blockchain, News
While the USA’s bankers think about the risks of Bitcoin adoption and Canada`s are about to make it an official currency their colleagues in Europe are going to end up with the cryptocurrency. A member of the European Central Bank (ECB) Yves Mersch encouraged the banks to pursue the way to limit access to cryptocurrency among everyday users.
“Banks need to implement instant payments as soon as possible and provide an alternative narrative to the ongoing public debate on the alleged innovation brought by virtual currency schemes.”This can be implemented with the help of “legal restraints” in the areas under the jurisdiction of the central bank. Previously, in January, the director proposed a model for the central bank to issue cryptocurrencies. Currently, he says that it is not a time for such innovations:
“We shall also experiment with cash on different digital technologies. Other adventurous applications of a more disruptive nature are simply not robust enough.”Thus, Mersch is going against the Banks that are examining the options for national cryptocurrencies or blockchain-based alternatives and satisfies the concerns of the countries where the cash usage is high, like Germany. Carl-Ludwig Thiele, the Bundesbank board member, claimed:
“The issue of digital central bank money is in our view not a realistic option for the foreseeable future.”Will the Europeans trade Bitcoin for a Euro? Share your thoughts in the comments below.
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