Today during the SIBOS banking conference, the European Central Bank‘s (ECB) Ulrich Bindseil said Bitcoin as an efficient payment instrument was an illusion and painted a picture of what a central bank digital currency (CBDC) might look like in five years. Meanwhile, the Hong Kong Monetary Authority (HKMA) wouldn’t specify a timeline but hinted that it could be as soon as three years.
During the panel talk, Bindseil, the Director General of Market Infrastructure and Payments, had earlier said a key reason that cross border payments have not progressed despite technological advances was in part due to banks’ de-risking.
He moved on to Bitcoin and its “illusion” of efficient cross border payments because of a lack of compliance.
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