European Banks Will Be Able to Hold Bitcoin

February 9, 2018

The president of the European Central Bank Mario Draghi has publicly stated that European banks will soon be able to hold positions in BTC after the introduction of bitcoin futures on US exchanges.

ECB head said that European authorities have not been witnessing a tendency by European banks in holding cryptocurrencies. More importantly, he stated that financial institutions of the European Union has showed a limited interest in digital currencies, such as bitcoin. Draghi added that the public interest, on the contrary, is growing.

He further stated that he considers unregulated bitcoin and other cryptocurrencies "very risky assets", and that banks should conduct a thorough analysis of all the risks if they decide to include digital currencies in their portfolios. 

Earlier, despite the disapproval of many Wall Street banks and investors, the world's largest exchange of financial derivatives CME Group has launched bitcoin futures in mid-December. The same was made by another exchange, CBOE, which, in fact, launched them earlier.

Draghi also said that ECB does not have enough authority to regulate bitcoin, though his remarks this week suggest that the bank plans to make a supervisory approach, rather than a regulatory one towards bitcoin and other cryptocurrencies. Last year, the president of ECB said that the impact of cryptocurrencies on the global economy is limited. 

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