ECB Dashes Hopes Of Virtual Currency As Mainstream Payment System

A senior European Central Bank (ECB) official has poured cold water on fintechs’ hopes that virtual currency will go mainstream on the continent in the near future. 

Yves Mersch, a member of the ECB’s executive board, gave a wide-ranging speech on Thursday in London in which he raised numerous concerns over the possibility of central banks incorporating virtual currency or digital base currency (DBM) into the mainstream financial system.

He spoke particularly in the context of virtual currency as a replacement for cash, since in its anonymity and decentralised method of exchange it holds many of the traits that appeal about cash.

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