Bitcoin "Not the Answer to the Cashless Economy" Says Top Brass European Banks

Leaders of the European Central Bank (ECB) and the Bank for International Settlements ( BRI) have stated that Bitcoin is not the answer to the cashless economy, "in a statement issued on March 13.

Benoît Cœuré and Jacqueline Loh add that banks should improve cash transfer options in commentary on BIS report on Central Bank Digital Currencies (CBDC)

Benoît Cœuré is a member of the ECB's Board of Directors and Chairman of the Commission payments and market infrastructures of the Bank for International Settlements (BIS) and Jacqueline Loh is Chair of the BIS Markets Committee

Bitcoin is a "challenge" to be met through the offer improved from s consumers in the remittance market, they argue, concluding:

"Despite its many flaws, bitcoin has put spo highlighting of an old failure of our system current: cross-border retail payments … However, these payment channels are generally much slower, less transparent and much more expensive than domestic channels. The improvements here are the best way to meet the bitcoin challenge.

The BIS report and the comments of Cœuré and Loh are nevertheless wary of the subject of the regulation of cryptocurrency, Cœuré having planned that the subject In February, the president of the Supervisory Board of the ECB, Daniele Nouy, ​​said the regulation was "not exactly very high on his to-do list."

Blockchain remains the major outlet for EU support in 2018, the European Commission unveiling a Blockchain Observatory dedicated in February and last week detailing its regulatory plans for technology and financial technologies.