The ECB said the cryptocurrency could be an "early sign" of global change.
On Tuesday an article entitled, "the currency is not the answer to a cashless society," the commentary, the European central bank executive committee members Benoit Coeure and international clearing bank market committee chairman Jacqueline Loh wrote that although digital currency is likely to be the future, but the currency and other existing public encryption currency is not the future.
Instead, they praised the potential of the central bank's digital currency to change the way consumers control their money.
In spite of this, this article acknowledges, encryption currency is working on an important gaps in the current banking system, and points out that: "although the currency has many defects, it is to make people notice that one of our current system of old faults: cross-border retail payments."
To address the issue, central Banks must improve international payment channels to meet the challenge of bitcoin to fiat currencies, the review said.
The article also Outlines the potential role of central bank-supported cryptocurrencies, pointing out that consumers are increasingly using digital payment systems rather than cash. The creation of a central bank digital currency would allow consumers to access funds directly, rather than forcing them through Banks.
The comments echo a report from the bank for international settlements yesterday. The report highlighted the problems existing in the CBDC, noting that the CBDC could give customers the ability to run a faster run, draining the bank's digital funds during periods of financial instability.
However, the BIS report does stress that the central bank's support for cryptocurrency is possible, echoing the words of zhou xiaochuan, governor of the people's bank of China. Mr Zhou said last week that China would one day have a digital currency of its own, which was "inevitable".