Draghi Makes Comments on ECB
2 min read

Draghi says that Regulating Bitcoin is not within Power of ECB

By Editorial Team

Mario Draghi, the president of the European Central Bank (ECB) stated that it is not up to the ECB to regulate cryptocurrencies such as Bitcoin. The statements were made at the Committee on Economic and Monetary affairs at the European parliament.

Mr Draghi saw some material risks in Bitcoin though. He claimed that the size, range of use and the impact that this use would have on the economy. He mentioned that a preliminary investigation leads him to believe that it would be premature to consider it as a means of payment in the future. However, he said that they have not discussed any institutional position on the matter.

Certainly it’s not within our powers to prohibit or something similar or to regulate

These comments were also not planned as his prepared speech made no mention of digital currencies at all. It was more about the general economic outlook as well as particular monetary policy initiatives. This included comments that they were in the process of completing a decentralised approach to monetary policy.

This is not the first time that Mr Draghi waded into the cryptocurrency space. Last week he made headlines again by telling Estonia that they did not have the right to issue a token through an Ethereum based ICO. He claimed that the Euro is the Euro for a reason.

Although this may sound like a positive development for Bitcoin, the ECB does have its detractors who look down upon Bitcoin and cryptocurrencies in general. For example, a Board Member of Germany’s central bank stated that digital currencies were “unrealistic” and are nothing but a “plaything”.

Featured Image via Fotolia

Editors at large. Posting the latest news, reviews and analysis to hit the blockchain. View all posts by Editorial Team ->

Related Posts

IRS Crypto Tax
IRS Crypto Tax

The Taxman Cometh: Crypto Tax Enforcement is on the Rise

March 9, 2021 17 min read
Neo Half Year Report
Neo Half Year Report

NEO Foundation Mid-Year Financial Report – The Key Points

June 10, 2019 4 min read
Samourai Dojo Wallet
Samourai Dojo Wallet

Long Awaited Samourai Dojo Released – Enhanced Bitcoin Privacy

June 3, 2019 3 min read
Nimiq WEG Purchase
Nimiq WEG Purchase

Nimiq Joins Litecoin & TokenPay By Acquiring Stake In WEG Bank

April 2, 2019 12 min read
Nimiq Collaberates Trust Wallet
Nimiq Collaberates Trust Wallet

Nimiq Collaborates With Binance-DEX Trust Wallet

March 28, 2019 8 min read
EUR BTC Price Forecast
EUR BTC Price Forecast

EUR Bitcoin Price Forecast – Time for Another Upswing?

August 22, 2018 7 min read
Microsoft and Gihtub for Crypto
Microsoft and Gihtub for Crypto

Microsoft & Github: Must We Worry and How Should Crypto Adapt?

June 8, 2018 8 min read
MyEtherWallet DNS Hack
MyEtherWallet DNS Hack

MEW Hack: Time to look at Decentralized Solutions to DNS Servers

April 25, 2018 9 min read
Verge Pornhub Partnership
Verge Pornhub Partnership

The Verge & Pornhub “Partnership”: Implications for XVG and Crypto

April 20, 2018 8 min read