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Kristina Frunze

8 February 2018

Forex

ECB Officials: No Need for Europe Cryptocurrency Regulation Now

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The latest remarks coming from the European Central Bank officials indicate that there is no need for Europe Cryptocurrency regulation as of now. The Chair of the Supervisory Board at ECB added that ECB - regulated banks have low involvement with the market.

8 February, AtoZForex The Central bank of the European Union, the European Central Bank (ECB) has amended its position on cryptocurrency regulation. The officials have described their stance as “not exactly very high on its to-do list.”

ECB Officials: No Need for Europe Cryptocurrency Regulation Now

Daniele Nouy, the Chair of the Supervisory Board at ECB has stated that she has “no clue” in regards to whether the new regulatory moves on crypto would emerge from Europe in the future. However, she has added that the ECB-regulated banks have “very, very low” involvement in the cryptocurrency sphere as of now.

She has been quoted as saying:

“We scrutinize the issue in a regulatory perspective, we are ready to do something if it was needed, but so far it's not exactly very high on our to-do list.”

The commentary from ECB authorities came ahead of a highly-anticipated G20 Summit. The summit will also cover a topic of cryptocurrency regulation, according to a number of sources, including the central bank of Europe.

France and Germany Plan G20 Cryptocurrency Regulation Proposal

In fact, earlier this year, France and Germany have announced that they are considering to make a joint proposal on overseeing Bitcoin at an upcoming G20 meeting. The meeting is scheduled to take place in Argentina in March.

The nations did not disclose the exact details of their plans. French Finance Minister Bruno Le Maire has stated:

 “We will have a joint Franco-German analysis of the risks linked to bitcoin, regulation proposals and these will be submitted as a joint proposal to our G20 counterparts.”

His counterpart, German Finance Minister Peter Altmaier stated that “we have a responsibility towards our citizens to explain and reduce the risks.”

In spite of the calls for the international regulation on cryptocurrency market from the French economy minister Bruno Le Maire, European officials do not take much initiative in regards to the idea. The President of the ECB, Mario Draghi, has stated:

“We are not observing a systematically relevant holding of digital currencies by supervised institutions. Actually, credit institutions... are showing limited appetite for digital currencies, like Bitcoin.”

During last month’s World Economic Forum (WEF), Benoit Corure, the board member of ECB, has mentioned he expected the international community to “focus very much on” the matter at the upcoming even in Buenos Aires.

Think we missed something? Let us know in the comments section below.

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