https://www.coindesk.com/europes-central-bank-touts-crypto-as-underbanked-aid/The European Central Bank (ECB) has said cryptocurrencies could "be an early sign of change" around the world.
In an opinion piece on Tuesday titled "Bitcoin is not the answer to a cashless society," ECB executive board member Benoit Coeure and Bank of International Settlements Markets Committee chair Jacqueline Loh write that, while digital money may be the way of the future, existing public cryptocurrencies like bitcoin are not that future.
Rather, the pair tout the potential of central bank digital currencies (CBDCs) in changing the way consumers have control of their money.
Still, the piece acknowledged that cryptocurrencies are addressing an important shortfall in current banking systems, noting, "Despite its many faults, bitcoin has put the spotlight on an old failing of our current system: cross-border retail payments."
Way too much focus by the media and government on Bitcoin, thinking that its outdated technology is all that there is to offer already in the market.
There is NO way any centralised corruptible profit-driven entity (be it the central banks, governments, or Ripple Corp.) could offer a superior banking alternative for the underbanked.
