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.