ECB President: The Impact of Cryptocurrencies Remains Limited

November 22, 2017

ECB President: The Impact of Cryptocurrencies Remains Limited

Head of the European Central Bank Mario Draghi still believes that the impact that cryptocurrencies have on the financial system is too low to begin their regulating at such a high level. He expressed this opinion in his speech in the European Parliament on Monday. According to his words, digital currencies do not pose a threat to the ECB's control over the euro, since the degree of acceptance of the cryptocurrency by the EU countries is insignificant, therefore their influence on the states' economies is limited.

"We believe that their influence is limited. Therefore, we do not consider them a factor that creates risks for central banks," Draghi said.

In October, head of the ECB stated that cryptocurrencies 'are not yet mature for regulation' and earlier said that the bank did not have the authority to regulate them.

It should be noted that a few days ago a member of the Executive Board of the ECB and head of the Central Bank of Austria Ewald Nowotny said that the central banks of Europe are studying China's experience in regulating the cryptocurrency and are considering the possibility of introducing their own legislative framework for this area.

It is also worth noting that the ECB reacted negatively to Estonia's attempts to create a national cryptocurrency and openly criticized this initiative, calling the euro the only legitimate currency of the EU countries.

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