Bitcoin reached over $10,500, Cryptocurrencys that can be used for instant electronic payments
have gained prominence is the financial debate and the central; banks are considering introducing
their own Cryptocurrency
Yves Mersch, a member of the ECB’s (European Central Bank) executive board, was dismissive of these digital tokens but he urged commercial banks to provide an alternative.
“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,” he told an event in Rome.
The private digital Currencys are the source of worry for the central bankers because they threaten the control of the banking system and money supply.
MR. Mersch
Mr Mersch said the ECB would “experiment with cash on different digital technologies” but did not see scope for “adventurous applications” of such technology.
“We shall also experiment with cash on different digital technologies,” Mr Mersch said. “Other adventurous applications of a more disruptive nature are simply not robust enough.”
“The issue of digital central bank money is in our view not a realistic option for the foreseeable future,” Mr Thiele said at an event.
UBS, the Swiss bank, pioneered the “utility settlement coin” and has now joined forces with Deutsche Bank, Santander and BNY Mellon — as well as the broker ICAP — to pitch the idea to central banks, aiming for its first commercial launch by early 2018.
What is your take on this do you think they will try and regulate crypto once they have their own coins ?