According to Reuters, an article published last June 26, according to reports, in fact, the European banking system is ready to push for the implementation of a system of instant payments by 2020; this system is actually already available from 2017, however only a few banks in the EU area have decided to support it. But be careful, because it is not only a question of time, but also of costs; the famous "instant transfers" that made their appearance a couple of years ago are in fact much more expensive than a normal transfer, which in turn is extremely more expensive than a blockchain transaction. The fintech services, therefore, are not only more efficient but are also less expensive, and this is the problem that banks must face if they want to react to the revolution represented by cryptocurrencies. According to what was declared by the general director of the European Payments Council (EPC) Etienne Goosse there is however the awareness on the part of European banks that regardless of the fate of pounds the problem is there and must be addressed; the competition from technology companies, says Goosse, there is, is real and banks must evolve more quickly to resist their pressure.

The director of the EPC is perfectly aware that fintech companies have a significant advantage over the banking system that derives mainly from their global reach; moreover, Goosse finally arrives to explicitly declare that the time available to face all this is really very little, a clear step forward if we consider that even today, often, people who occupy senior positions in the banking system tend to mark the blockchain revolution as something useless and even go so far as to deny the reality of facts in order to flaunt a tranquility that, evidently, is only a facade. As Reuters points out, then, it is not enough to introduce instant payment systems to allow banks to survive fintech pressure, since the tools made available by technology companies are also easier to use and less expensive for users.

To hypothesize, then, that the economic system and the political one can square to hinder the growth of pounds (which will probably happen) does not solve the problem; first of all because they will at most delay the development of the project, but the libra foundation will find, sooner or later, the way to adapt to the regulations regardless of how rigid they may be (in the foundation there are multinationals that have potentially unlimited liquidity and skills specific with regard to the banking world), and secondly because curbing the advance of books does not solve the problem of the growth of bitcoins and other cryptocurrencies.

Simply, but this Reuters does not say, I say it, the banking system appears not to be able to react to these new technological developments with the necessary responsiveness, not only has it already lost 11 years of time, but it cannot find a common answer and supranational, it moves with an unnerving slowness and seems already well directed to lose another ten years of time; but the banking system does not have another ten years of it and going ahead of this step what will inevitably happen is that it will be swallowed up by the fintech companies.