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ECB: we’d better improve transactions if we want be more attractive than Bitcoin


As some cryptocurrency evangelists imply, the central banks of the world fear the rising popularity of cryptocoins, which, as it has to be reminded here, are not controlled by any central bank or authority. While previously it seemed like they were a bit exaggerating, the recent statements from the high-ranking official in the European Central Bank confirm their theory about the bankers’ sentiment towards Bitcoin and altcoins.

“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,” said Yves Mersch, who is a member of the ECB’s executive board.

The need for the “alternative narrative” means that the current cryptocurrency enthusiasts’ narrative has proven to be efficient enough for the powerful bankers to recognize its dangerousness. “We shall also experiment with cash on different digital technologies,” he said, which might indicate that the European Union will experiment with digital (or partly digital) currency issued by the state body rather than a group of programmers. Similar intentions have been voiced in China and Russia before.


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