ECB’s Yves Mersch: Banks Need Faster Payments to Counter Bitcoin

Commercial banks need to develop faster payment systems to counter the rise of cryptocurrencies, according to one European Central Bank executive.

Yves Mersch, who sits on the ECB’s executive board, made the argument even while dismissing the impact of cryptocurrencies during an event in Rome, according to a Reuters report.

Speaking this morning, Mersch said:

“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.”

Mersch reportedly added that the ECB would experiment with cash “on different digital technologies,” while more “adventurous applications” do not warrant attention…

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