According to ECB Director Yves Mersch, private crypto currencies such as Bitcoin, have no chance of keeping up with ease of use, speed and security with the real-time payment system supported by the European Central Bank (ECB).
At the event in Paris, Mersh asked the industry to provide quickly customer-friendly solutions for real-time payments at so-called point of sale (supermarket checkouts, service providers).
“European real-time payment solutions meet the requirements of end-users in digital age, they are fast, easy to use, secure and reliable,” said Mersch. He noted that “SCT Inst” system developed by European industry and the underlying infrastructure, were under surveillance by Euro area central banks, allowing for payments in Central Bank’s money.
Mersh said that so-called crypto currencies like Bitcoin are unable to classify them as speculative assets because of their sharp price fluctuations. Currently, Europeans pay their purchases in real time mostly in cash, which is also Central Bank’s money. Account transfers based on deposits with banks take at least one day.
Mersh called on companies to use the infrastructure created by the Eurosystem to develop solutions for daily shopping. “With services that are secure, fast, and easy to use, the payments industry is meeting the needs of the digital age,” he said.
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