Bitcoin ‘Not The Answer To Cashless Economy’ Says European Banks’ Top Brass

Executives from the European Central Bank (ECB) and Bank of International Settlements (BIS) have said Bitcoin is “not the answer to the cashless economy,” in a statement released March 13.

Writing in a commentary on a BIS report into so-called central bank digital currencies (CBDCs), Benoît Cœuré and Jacqueline Loh added that banks should improve remittance options and not necessarily resort to CBDCs.

Benoît Cœuré is a board member of ECB and the chair of the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures and Jacqueline Loh is the chair of the BIS Markets Committee.