Published On: Thu, Nov 30th, 2017

ECB Tells Banks to Implement Instant Payments in Order to Compete with Bitcoin

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Banks and financial institutions might need to embrace instant payments and bank transfers in order to be able to compete with Bitcoin and other cryptocurrencies.
Competing with Cryptocurrencies

One of the main reasons why cryptocurrencies have gained such popularity is their ability to instantly send payments worldwide cheaply and quickly – usually within a couple minutes. Banking transfers currently require 2-3 days to process and often times are more expensive than Bitcoin transfers. Many experts believe that this might push more people to use cryptocurrencies like Bitcoin and Ethereum instead of traditional bank transfers.
In an article by Reuters Yves Mersch, a member of the European Central Bank’s executive board (ECB) advised banks to embrace instant payments in order to offer consumers a competitive alternative to cryptocurrencies. Mersch stated:
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 also said:
We shall also experiment with cash on different digital technologies. Other adventurous applications of a more disruptive nature are simply not robust enough.
Many analysts believe that banks should further experiment with new …

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