Skip to content
Subscriber Only
Markets
Crypto

ECB's Mersch Says His Payment System Is Better Than Blockchain

  • ECB Executive Board member Yves Mersch speaks in interview
  • New euro settlement technology to launch in November
Brexit Race For Space Sends Frankfurt Office Rents To Record High
Photographer: Krisztian Bocsi/Bloomberg
From

The technology behind cryptocurrencies has been hyped as making payments fast, and secure and easy. European Central Bank Executive Board Member Yves Mersch says he can do even better.

The ECB is getting ready to launch its new settlement system, known as TIPS, in November. Policy makers have urged banks previously to implement the technology -- which will allow transactions to be conducted in real time -- in order to provide an alternative narrative to the seeming innovation brought by the distributive ledger technology of virtual currencies.