ECB's Mersch: Central Bank Risks Reputation With Early DLT Adoption
Central banks should pursue applications of distributed ledger tech, a senior European Central Bank official said this week – but not at the expense of their reputation. Yves Mersch, a member of the ECB's executive board, gave remarks during an event in Helsinki on Monday during which he discussed the prospects of central bank-issued digital currencies. Mersch has given speeches on the subject a number of times in the past, including an appearance in December during which he disclosed that the ECB is working with Japan's central bank on blockchain research. Tech aside, Mersch said that....
Related News
In a speech on Monday, Yves Mersch, Member of the Executive Board of the European Central Bank (ECB), discussed how the bank could design, issue, and manage a central bank digital currency for everyone, to be used alongside cash. One of the two types considered was a cash-like digital currency with anonymity. The proposed central bank digital currency or....
As central banks are increasingly snubbing Bitcoin, they’re cautiously studying the “disruptive potential” of its underlying technology or what the ECB now refers to as DLT. European Central Bank Executive Board Member, Yves Mersch, acknowledged this much in a recent speech, advising the Eurosystem members to reflect on the “wider implications” of its....
European Central Bank (ECB) executive board member Yves Mersch said during a speech on 19th May that as a payment system and a store of value, the euro is superior to digital alternatives like bitcoin. Mersch was speaking at Cash Symposium 2014, a day-long event held in Frankfurt on 19th May by the Bundesbank, Germany's central bank. His talk focused on euro banknotes and their performance, and their characteristics as a system of payment. Touching upon digital currencies as an emerging payment method, Mersch remarked that a lack of significant transaction fees makes them attractive to....
The European Central Bank (ECB) has reiterated its position on digital currencies. In a speech delivered at the at the ECB/Banca d'Italia Workshop on Interchange Fees, Yves Mersch, Member of the Executive Board of the ECB, said digital currencies are still too small to have an impact on retail payments and central banks. Mersch reiterated what the ECB said two years ago in its Virtual Currency Schemes report, published in October 2012. In the meantime digital currencies have gained quite a following, although they are still not even close to what could be described as 'mainstream'. In any....
Is the hype over distributed ledger technology (DLT) overblown? Not according to Yves Mersch, a member of the European Central Bank (ECB) executive board. Speaking to the Deutsche Bank Transaction Bankers’ Forum in Frankfurt yesterday, Mersch said in his prepared remarks that DLT might not be a panacea for the financial industry’s ailments, but it is certainly not just a flash in the pan. DLT, according to Mersch, could be a game changer. The chance for market infrastructures and financial intermediaries to share a blockchain is unprecedented. DLT has the potential to help certain actors....