The European Central Bank (ECB) stated that the cryptocurrency could “be an early sign of change” in the world.
On Tuesday on the website of the ECB published a message entitled “Bitcoin is not the answer to cashless society”. Its authors, a member of the Executive Board of the ECB Benoit Kour (Benoit Coeure) and the Chairman of the Committee of the Bank for International settlements markets, Jacqueline Loh (Christine Loh) write that, although digital money can be the way of the future, but existing public cryptocurrency such as bitcoin, this future is not.
According to the authors, changing the way consumers will manage their money, but rather will contribute to the digital currency issued by Central banks (CBDC).
However, the report said that cryptocurrencies solve the problem of current banking system:
“Despite its many shortcomings, bitcoin has put the spotlight on a problem that has long suffered our current system: cross-border retail payments”.
Further, the authors say that:
“Such payments would not only enable buyers to easily buy products online from abroad, but allows foreign workers to send money home, thereby supporting the financial inclusion and development. However, existing payment channels, as a rule, much slower, less transparent and much more expensive than internal.”
The article also described the potential role that could be played by a cryptocurrency that is supported by the Central Bank, and notes that consumers are now increasingly using digital payment systems instead of cash. The creation of digital currency the Central Bank will provide consumers direct access to funds, rejecting the need to contact the Bank.
Recall that yesterday the Bank for international settlements (BIS) has stated that in his opinion a digital currency issued by the Central Bank (CBDC), can accelerate a mass withdrawal of deposits from the Bank in periods of financial stability.
The article emphasizes that the existence of cryptocurrencies supported by the Central Bank, it is possible, thereby repeating the comments of the President of the people’s Bank of China Zhou Xiaochuan (Zhou Xiaochuan), who last week said that the country sooner or later “inevitably” will have its own national digital currency.