The Cryptocurrencies has been given a big boost after the central bank that traverses Europe said that it has the sign of an immediate and early change in the world.
Several differing opinions among the head of the central bank of Europe and the chair of the international supplements committee chair. This statement that was sent to newsrooms 2 saying that bitcoin is not the solution to a country that lacks money, this was according to a member of the European central bank benoit coeure.
On her side the bank of international settlements markets committee chair by the name of Jacky loh wrote that cryptocurrencies like bitcoin may not be the way forward and proposed that digital money is the more preferred way of the future.
The two however praised the conceivable of the central bank digital currencies when it comes to maters on how the consumers should have control of their money.
The shortfall being addressed by the cryptocurrencies in the current banking process was acknowledge by the two by noting that bitcoin has had many challenges but this has not prevented the currency from putting the spotlight on the old falling current processes.
They went on to praise the coin that it did not only allow the consumers to purchase goods overseas online but also send money from one country to another that is applied to the workers hustling abroad financial inclusion is also an important fact to the upgrading.
One problem that the system has compared to the domestic ones is the fact that the channels of payment are too slow, don’t offer openly the output that consumers need and lastly is that it is more expensive that is it requires more money to be operated.
In order for the banks to address this problems, they have to plead with the central bank to improve its channels that it uses in payments internationally and rise in their pursuing of challenging the coin that is bitcoin and its contents.
More customers have also started raising issues concerning the digital systems used for payment saying that the system speed should be improved since they are not ready to go manual. This move will give the customers access to funds easily and save time.