ECB President Mario Draghi Calls Cryptocurrencies Very Risky Assets

European Central Bank (ECB) president Mario Draghi addressed his views about cryptocurrencies at the ECB Youth Dialogue meeting with the winners of the Generation €uro Students’ Award, stating that the digital assets are not real currencies as reported by Cointelegraph Italia on May 9.

During the meeting, one of the winners of the award asked a question about cryptocurrencies to Draghi, to which he answered:

“Cryptocurrencies or bitcoins, or anything like that, are not really currencies — they are assets. A euro is a euro — today, tomorrow, in a month — it’s always a euro. And the ECB is behind the euro. Who is behind the cryptocurrencies? So they are very, very risky assets.”

Soon after his comment, the crypto community criticized Draghi’s stance on Twitter and pointed out that fiat currencies’ inflation is proof that Euro is not stable in its price either.

such a lie !! pic.twitter.com/nho7ZyAJDj

— Alena V. (@AlenaSatoshi) May 9, 2019

The head of the ECB further claimed in his comments that currently cryptocurrencies “are not significant enough in their entity that they could affect our economies in a macro way.”

Draghi added that it is not ECB’s competency to regulate cryptocurrencies. As per him, it is “something that falls within the consumer protection competence, where you want to make sure that people who buy into these assets know what they do and are aware of the risks they run.”

Read more:FinCEN Releases New Regulations Pertaining to DApps

Image Source – Stock Photo Secrets