ECB tells how to counter Bitcoin

The European Central Bank proposes to introduce instant payments to counter cryptocurrencies
01 December 2017   1335

The way to defeat Bitcoin attractiveness

Yves Mersch, a member of the Executive Board the European Central Bank, said on Thursday that banks should accelerate the introduction of instant payments to counter the attraction of cryptocurrencies like Bitcoin.

Banks need to implement instant payments as soon as possible and provide an alternative narrative to the ongoing public debate on the alleged innovation brought by virtual currency schemes.

 

Yves Mersch

Member of the Executive Board, the European Central Bank

The growing interest of central banks

Cryptocurrencies have gained relevance in the financial debate and some central banks such as Sweden’s Riksbank and the Bank of England intend to introduce their own digital currency.

According to Yves Mersch, the ECB is interested in experiment with cash on different digital technologies, but it does not see scope for implementation of such technology.

Bundesbank board member Carl-Ludwig Thiele agrees with Mersch opinion, saying that a digital currency such as Sweden eKrona could not be introduced in Germany, where cash payments are still prevalent.

Despite the progress of adoption, cryptocurrencies are still a source of worry for central bankers because they threaten their control of the banking system and money supply, which could undermine the monetary policies they use to manage inflation.

Trust Wallet to Add BTC & Bech32 Support

At the moment, this option is available to users of iOS devices, support for Android will be added in the next 2-3 weeks
10 December 2018   98

Binance owned and ERC-20 standard tokens oriented Trust Wallet, announced the start of Bitcoin support (BTC).

As stated in the company's blog post, Trust Wallet has become compatible with the SegWit protocol, allowing to send and receive funds to Bech32 native addresses (bc1).

At the moment, this option is available to users of iOS devices, support for Android will be added in the next 2-3 weeks.

Earlier Trust Wallet announced the start of support for TRON (TRX) tokens. The wallet also supports GoChain (GO), POA Network (POA), Ethereum Classic (ETC), Wanchain (WAN) and VeChain (VET).

Recall Binance announced the purchase of Trust Wallet in July this year. The wallet is expected to become part of the upcoming release of the decentralized trading platform Binance.