The Currency Analytics
By Steven Anderson
It is not possible to ignore blockchain and cryptocurrencies in the process of making faster, cheaper, and safer transactions in cross border payments.
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…
This Cœuré stated without addressing Bitcoin or Facebook or their venture into the payment systems.
Several shortcomings in the cross border payment systems are dealt with by companies and corporations by building their payment ecosystem.
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.
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.
Though analysts think that the central banks are missing the point in Bitcoin, they are actually not.