HomeUncategorizedECB Council Member: Central Banks Considering Crypto Regulation

ECB Council Member: Central Banks Considering Crypto Regulation

-

A European Central Bank (ECB) governing council member said yesterday that lawmakers and central banks are examining whether they should regulate cryptocurrencies.

According to a Reuters report, Ewald Nowotny, president of the National Bank of Austria, said:

“We’re asking ourselves if legislators or central banks should intervene.”

Nowotny made his comments at a conference in Florence, Italy, according to the news source.

The regulatory focus comes following China’s recent crackdown on bitcoin exchanges, he said, adding that the authorities there considered cryptocurrencies “fraudulent.”

The council member took a neutral stance on the risks of cryptocurrencies such as bitcoin, though, saying, “It is like buying shares on the bourse … people investing in this product can suffer losses.”

Just a month ago, Mario Draghi, president of the ECB, said that cryptocurrencies are not “mature” enough to be regulated. And, in September, he indicated that his institution does not have the authority to regulate cryptocurrencies.

Also in September, China’s cryptocurrency exchanges received instructions from the country’s regulators, asking them to stop trading due to the fact that they are operating domestically without a formal license.

Ewald Nowotny image via Franz J. Morgenbesser/Flickr

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected]

ECBEuropean Central BankRegulationCentral Banks

Sourcecoindesk

LATEST POSTS

Cyprus registers Binance as a cryptocurrency service provider.

Binance, a cryptocurrency exchange, will be able to provide services for virtual currencies in Cyprus as a result of the platform's recent registration with the...

More than 24,000 ATMs in Brazil will offer USDT through Tether and Smartpay.

Usdt, the largest dollar-pegged stablecoin on the market, was created by Tether, a company. Tether recently announced that more than 24,000 ATMs in Brazil will...

To solve the blockchain modularity issue, Celestia raises $55 million.

The project Celestia, which seeks to address the alleged centralization issue in the current monolithic blockchains, has announced the completion of its most recent funding...

Hong Kong considers removing the “Professional Investor-Only Requirement” and allowing retail investors to trade cryptocurrency.

Securities and Futures Commission (SFC) of Hong Kong's director of licensing and head of the fintech division both confirmed that the regulator is taking into...

Follow us

13,033FansLike
3,912FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img