A European Central Bank director has called on banks to embrace instant payments to suppress the disruptive threat posed by cryptocurrencies like bitcoin.
Speaking at an event in Rome, European Central bank director Yves Mersh dismissed digital currencies and called on retail, commercial banks to embrace instant payments to counter the rise of cryptocurrencies.
In quotes reported by Reuters, Mersh said:
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.
The vice president of the European Central Bank (ECB) has said that investors are taking a ‘risk’ by buying bitcoin at its high price.
Speaking to CNBC on Wednesday, Vitor Constancio, said:
It’s a very particular asset, it’s a speculative asset by definition looking to the developments in its price. Investors are taking that risk of buying at such high prices.
The president of the European Central Bank believes cryptocurrencies like bitcoin do not pose any threat to the central bank-dependent financial system.
Speaking to the European Parliament on Monday, ECB President Mario Draghi played down the impact of digital currencies on the traditional centralized banking system, claiming their adoption and impacted are too ‘limited’. Cryptocurrencies do not cause any concerns to the central bank’s control of the money supply in the European Union, Reuters quotes the central banker as stating.
European Central Bank (ECB) vice president Vitor Constancio has said that cryptocurrencies will never replace the fiat system.
According to a report from Reuters, Constancio said that they are a ‘misnomer’ and that they are merely a commodity used as a speculative asset. While he did concede that they had some use this was only in ‘very special circumstances’ such as in countries that were in an economic crisis.
Ворвавшиеся на финансовые рынки криптовалюты создали множество новых миллионеров, но и заставили поседеть многие головы мирового финансового сектора. Вот, что некоторые из самых выдающихся финансовых деятелей говорят о криптовалюте на этой неделе.
A member of the executive board at the European Central Bank (ECB) has asserted that the authority keeping tabs on cryptocurrencies.
In an interview published in late October, ECB executive board member Benoît Cœuré touched on the institution’s stance on cryptocurrencies, deeming them as “speculative financial instruments” at a time when bitcoin nears its all-time high above $7,500 with value gains over 650% since the turn of the year.
When asked why the ECB and other central banks are ignoring bitcoin amid a boom in awareness and adoption, Cœuré stated:
We aren’t ignoring them.
European Central Bank (ECB) chief Mario Draghi says that bitcoin and other cryptocurrencies are not mature enough for regulation.
As reported by CNBC, the ECB president made these comments during a recent press conference, stating that the bank is cautiously observing the development of bitcoin and other fintech products.
Researchers at the European Central Bank (ECB) have published a new research report on the impact of distributed ledger technology (DLT) on the harmonization of post-trade settlement systems.
Released by the Advisory Group on Market Infrastructures for Securities and Collateral late last week, the 134-page report examines the technology's possible effect on a variety of services that touch the securities settlement process.
European Central Bank (ECB) president Mario Draghi stated that the agency does not have the authority to regulate bitcoin and other cryptocurrencies.
ECB Does Not Have Authority to Regulate Bitcoin
Draghi made these comments in a meeting of the European Parliament’s Committee on Economic and Monetary Affairs.