European Central Bank : ‘Bitcoin is not the solution for a cashless society’

European Central Bank has stated that the virtual currencies are not a way of obtaining a cashless society. The institution added that they are doubting the cryptocurrencies issued by banks.

Two important members of the heading council have recently declared that Bitcoin is a challenge because of the setback suffered by the financial institution when it attempted to offer international transactions options for the consumers. Through this, Bitcoin has highlighted a flaw that the system has had for years now, a gap in the international payments area. ECB is still debating the options of a Central Crypto Bank, but they have a pretty uninterested approach when it comes to this.

Last month, the chief of Supervising Comission of the bank has stated to the press that the regulations of the cryptocurrencies are not their priority and the level of implication regarding virtual coins among UE banks, is minimum. All this happened despite the fact that the institution is leading a war against cash money. Even if the Blockchain technology has aroused interest among European Union members, and the financial aspect – virtual coins – even if they are a decentralized form of money, remains at promise level by ECB. It is a matter of time to see if companies or customers really need a Central Bank for digital currencies. In other words, the subject is still being debated and the response or feedback is varying from one country to another.