ECB Has Not Imposed Regulation On Cryptocurrencies As They Are Not Considered Risky As Of Yet
At a time when Bitcoin is breaking barriers with its boomerang price moves, regulators around the globe are tightening their scrutiny on this dynamic crypto form. The latest member of this regulatory party is the European Central Bank (ECB) who have stated that they are closely monitoring the cryptocurrency market. Benoît Cœuré, an executive board member of the Central Bank stated during an interview published in Le Journal du Dimanche on 29th October that the bank is keeping an eye on the spread and development of cryptocurrencies.
He added that the spread of cryptocurrencies is not being ignored by European Central Bank however they do not consider the same to be posing any significant risk to global economy, investors or the bank presently.
Cœuré was quoted as saying that, “at the moment cryptocurrencies don’t pose any monetary risk because the amounts involved are marginal. They are speculative financial instruments which create risks of a financial or even criminal nature.”
He pointed out that central banks worldwide are monitoring and scrutinizing cryptocurrencies given the fact that several countries are giving up their fiat for replacing the same with their exclusive crypto line-up.
Also Read: Bank of England may launch its’s own Crypto Currency – “RS Coin”
Mario Draghi, the president of European Centeral Bank stated in September that eurozone nations cannot use their exclusive cryptocurrency and that every member state has to rely upon the centralized euro. Draghi later added that regulation of cryptocurrencies was outside the purview of ECB.
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