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ECB Board Member: Banks too slow for Kyoto currencies

Friday, December 1st, 2017 | bitcoin updates

Yesterday's ECB board member Yves Mersch said in Rome that commercial banks would have to make faster cash transfers in the future to stop the triumphant advance of cryptocurrencies. So far, he had condescendingly expressed in this regard. As the news agency Reuters reported yesterday Yves Mersch expressed by the Executive Board of the European Central Bank (ECB) in Rome on the lack of competitiveness of the banks. According to Mersch, banks need to speed up the introduction of a zero-latency transfer, where funds can be transferred immediately around the clock. This is supposed to put a stop to the fascination with cryptocurrency. Yves Mersch has condescendingly talked about digital currencies in the past. However, the ECB has evidently escaped neither the current Bitcoin price high, nor the extremely fast electronic transfer of credits using crypto currencies around the globe. At an event in Rome, Mersch said it needed arguments of its own in the debate on the "alleged innovations of virtual currency systems". Although the new means of payment are accepted only in exceptional cases by the European retailers. However, the members of the Board of Directors worry because cryptocurrencies threaten their control of the banking system and the money supply, which means that inflation can not be counteracted. According to Mersch, this could undermine the (centrally controlled) monetary policy, which is why the central banks of Great Britain and Sweden want to introduce their own digital currencies. According to Yves Mersch, the ECB would experiment with various digital payment solutions. But he sees no room for "adventurous missions" of such technology. Other experimental technologies that could displace the current structures due to their disruptive (destructive) structure are simply not "robust enough". Federal Bank Board member Carl-Ludwig Thiele agreed yesterday in Berlin to the statements of his colleagues. Issuing a digital central bank money in this country in a foreseeable period is not a realistic option, so Thiele. This applies in Germany, above all, due to the frequent use of cash. It has been recently expressed by ECB chief Mario Draghi. The ECB currently has no power to ban or regulate digital currencies. Earlier, Draghi criticized Estonia's plans to introduce the state-owned Estcoin in August.BTC-ECHOAbout Lars SobirajLars Sobiraj began in 2000 as a career changer for various computer magazines. In 2006, gulli.com added new priorities: network policy and copyright. After leading the editorial team until October 2012, he now works freelance for various online magazines and of course for his own project, Tarnkappe.info. In addition, Lars Sobiraj teaches students on Sustainable Marketing & Leadership (M.A.) at Cologne University of Applied Sciences Fresenius how to use the Internet and social networks. Some time ago there was a growing interest in cryptocurrency, which fortunately works without the control of central banks. I would like to do my part to ensure that Bitcoin & Co. are not only of interest to pure speculators, but also to the woman and the man next door. All contributions by Lars Sobiraj

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