It is not possible to ignore blockchain and cryptocurrencies in the process of making faster, cheaper, and safer transactions in cross border payments. It is not easy to change the way things have been.  However, technology leads up to changing the way we do things.  Technology ropes in our interests to better methods and strategies. We eventually adopt technological improvement to better our working and social lives.

Benoît Cœuré, the executive board member of the European Central Bank (ECB), stated, “The current situation has attracted new initiatives that aim to overcome shortcomings in cross-border retail payments by building a new separate payments ecosystem.”

This Cœuré stated without addressing Bitcoin or Facebook or their venture into the payment systems. Cœuré further added, “A central bank digital currency could ensure that citizens remain able to use central bank money even if cash is eventually no longer used.” He further clarified that the ECB and the central banks are currently investigating that the different forms and benefits which the digital currency of this sort might take to.

Several shortcomings in the cross border payment systems are dealt with by companies and corporations by building their payment ecosystem.  The younger generation of people are willing to use newer technologies and newer providers like the TCAT tokens.

With Facebook and several other nations building up their digital currencies, it is very clear that Europe might be at the risk of losing its economic edge.

Cœuré has been talking about a pan-European Strategy, which will provide for a secure, instant, and inexpensive payments in brick and motor and online stores.  Thus making up for the lost grounds and meeting the requirements of customers for efficient cross-border payments.

Bank for International Settlements (BIS) is a newly created innovation hub for which Cœuré is chosen as the head.

The recent wild price swings of the Bitcoin has caused Nouriel Roubini to declare a “total crypto-apocalypse.” He continues to propagate that “Despite the utopian claims of its proponents, bitcoin is a right-wing nightmare which facilitates tax evasion, money laundering, and environmental degradation.”

Though analysts think that the central banks are missing the point in Bitcoin, they are actually not.  It can be seen that governments are able to identify the threat of them losing ground to private currencies and payment systems.  They are working on their own strategies based on similar technologies to sustain their grounds of survival.  It is just the process where it seems that the government is not paying heed.  In reality, they are eagle-eyed about sustaining their position.