the President of the European Central Bank (ECB), Mario Draghi, reaffirmed this week its regulatory cancellation to Kryptowährungen. In a video with the Draghi Twitter users responding to their questions, underlining he attitude, crypto Regulation were not within the competence of the ECB. Thus, the ECB chief contradicts speculation about upcoming pan-European regulatory initiatives.
While some people may speculate upcoming crypto regulation in European latitudes is only a matter of the expiring hourglass, contradicts decided this week voice of the European Central Bank ECB President Mario Draghials.
In the course of the PR initiative #AskDraghi of the 70-year-old insists on demand from Twitter users on the position of his institution:
“the regulation of Kryptowährungen is not the responsibility of the ECB.”
Draghi is recommended in the video, “carefully” to think, before you invest in bit coin & co.. While the Italian central banker refers to the “wild rash” about of the course of Bitcoin. The euro in turn was stable. Still, he stresses no central bank guarantee for its value.
“the euro is held by the European Central Bank. The US dollar is held by the Fed. Currencies are backed up by central banks or their Governments. No one secures the Bitcoin”,
Most recently, the three European financial supervisory authority EBA, turned this week EIOPA and ESMA in a written notice to the citizens of the European Union. In the letter, the authorities warn citizens against the possible risks of crypto-trade. The warning had let this week renewed speculation about a European regulatory approach be loud.
ECB stance: Not responsible
with a regulatory break Draghi confirmed now the decisive attitude of the ECB. Already last year Draghi had stressed several times his institution meet no responsibility as regards the regulation of growing Kryptowährungen. In September as he had given clear there is no “monetary risk” would go out of the digital payment alternatives. Thus, their influence is too low, to fall into the sphere of activity of the ECB. This is responsible primarily for monetary stability in the euro zone.
In this course, Draghi stressed also in September, his institution lacks a foundation for the practical handling of Bitcoin and other Kryptowährungen. It would be actually not “in our power” to regulate or even completely ban so Draghi.
With increasing importance and growing establishment of the Bitcoin on the international financial markets, also the call for regulation of Kryptowährungen is getting louder. While many States have put existing control initiatives on the way, most recently as the Director of the International had urged Fund, Christine Lagarde, on international crypto regulation and comprehensive supervision .
All cancellations to the leaping one tracks developments in the Bitcoin vapor in Frankfurt yet with watchful eyes. So, Draghi as can be free to imagine that European banks could hold in the future Bitcoin futures . The hourglass will continue so.
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