The ECB Executive Board member Benoit Keru and the Chairman of the Committee on payments and market infrastructure at the Bank for international settlements Jacqueline Lo said that the growing popularity of bitcoin is evidence that the traditional banking system was unable to provide a working solution for international transfers. This was reported on the official website of the European Central Bank.

“Despite its obvious shortcomings, bitcoin has shown the problem of the old system: cross-border retail payments”, — said Keru.

In his opinion, the payment channels for cross-border transfers are slow, less transparent and more expensive than domestic. He added that the solution to this problem is the best answer to the challenge of bitcoin.

We will remind, earlier the General Manager of the Bank for international settlements (BIS), “Central Bank of all Central banks”, Agustin Carstens harshly criticized bitcoin, calling it a bubble, a Ponzi scheme and an environmental disaster all in one.