European Central Bank (ECB) President Mario Draghi stated that its institutions do not have the authority to regulate cryptocurrencies.
Making a statement at the Economic and Financial Affairs Committee of the European Parliament, Draghi:
“It is not within our control to regulate or ban bitcoin and other cryptocurrencies.” said
After a question from the committee about whether the ECB will make a regulation on cryptocurrencies, Draghi made a statement.
Draghi said that the ECB is investigating the potential effects of cryptocurrencies in his analysis He noted that the emphasis was on risk, scale, use and economic impacts, and said:
“We need to understand what impact cryptocurrencies have on the economy.” He added that it is too early to use cryptocurrencies as a payment method.
Draghi also criticized the Estonian e-citizenship project and Estcoin earlier this month.
“Estonia’s If I have to comment on the decision, I must say that no state can introduce its own currency.. The currency of the eurozones is the Euro.”
Draghi isn’t the only ECB veteran to comment on cryptocurrencies these days.
Vitor, Vice-President of the Central Bank Constancio said that cryptocurrencies are purely speculative and likened them to the tulip mania in the Netherlands. Constancio added that cryptocurrencies do not pose a threat to the ECB’s central bank policy.
Join our Telegram channel to stay up to date with all developments and posts!
The painful loss of Muratbey Cheeses: Bilal Erol passed away