A top European Central Bank (ECB) official believes real-time transactions coupled with regulatory reforms will be a far more significant driver of payments innovation than virtual currencies.
Speaking at a joint ECB and Italian central bank event in Rome on Thursday, executive board member Yves Mersch downplayed suggestions that the traditional retail banking and payments world could be threatened by mainstream adoption of the likes of Bitcoin.
“Their purchasing power fluctuates wildly and depends solely on the market activity of speculators,” he said.
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