Finance News
By Steven Anderson
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It is not possible to ignore blockchain and cryptocurrencies in the process of making faster, cheaper, and safer transactions in cross border payments.
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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…
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This Cœuré stated without addressing Bitcoin or Facebook or their venture into the payment systems.
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Several shortcomings in the cross border payment systems are dealt with by companies and corporations by building their payment ecosystem.
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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.
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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.
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Bank for International Settlements (BIS) is a newly created innovation hub for which Cœuré is chosen as the head.
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The recent wild price swings of the Bitcoin has caused Nouriel Roubini to declare a "total crypto-apocalypse.
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Though analysts think that the central banks are missing the point in Bitcoin, they are actually not.
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