ECB executives: Banks need faster payment systems to fight bitcoin

nRunaway Comment: The ECB’s attitude toward cryptocurrencies has always been of great concern to the industry. Recently, a member of the bank’s executive committee said at the event that although the impact of cryptocurrencies is not to be feared, commercial banks should still pay attention to developing their own advantages, actively improve the system and make immediate payments as early as possible to combat encryption Currency, increasing people’s confidence in traditional financial institutions.n
nTranslation: Inan
A European Central Bank official said commercial banks need to develop faster payment systems to counter the rise of cryptocurrencies.n
According to a Reuters report, Yves Mersch, a member of the ECB’s Executive Board, made the remarks in an event in Rome and dismissed the impact of cryptocurrencies.n
Mersch said in the morning of November 30:n
n”Banks need to make immediate payments as quickly as possible and provide a strong account of their systems in the increasingly public debate about so-called innovation brought about by the virtual money program.”n
nIt is reported that Mersch also pointed out that the European Central Bank will use cash to test “different digital technologies”, and more “adventurous applications” is not worth attention.n
A month ago Benoit Coeuré, another member of the ECB’s executive board, said that the bank did not ignore cryptocurrencies but was monitoring its use.n
In the meantime, Coeuré still insists on the long-standing position of the bank that digital currency does not pose a threat to the euro and claims that “the amount involved is insignificant.”n
However, a report by the European Central Bank in 2015 pointed out that the encryption of currency may affect the monetary policy and financial stability in the euro area. At the time, the bank said bitcoin was more attractive in some areas than traditional financial institutions, including remittances.n
ECB President Mario Draghi also recently said the bank can not manage bitcoin, but he also made it clear that EU member states can not issue their own cryptocurrencies.n

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