Cryptocurrency Regulation ‘Not High On To-Do List’ Says European Central Bank

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While other governments are homing in on cryptocurrency regulations, the European Central Bank (ECB) has revealed that this is “not exactly very high on its to-do-list.”

This was divulged in an interview with CNBC, wherein Daniele Nouy, ECB Chari of the Supervisory Board, said that she had “no clue” whether or not Europe would have regulatory moves in the future, although at this point, ECB-regulated banks have “very, very low” involvement. “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.”

This stance taken by ECB is relevant especially given the oncoming G20 Summit happening in Argentina this March 2018. The issue of cyrptocurrency regulations is expected to become a major topic in the summit. This was also a focal issue at the recent World Economic Forum (WEF) , wherein board member Benoit Coeure said that he “expected”  the event to “focus very much on” the said issue.

As far as Europe is concerned, however, and despite calls by parties such as French economy minister Bruno Le Maire, to for the international community to exert efforts in regulating cryptocurrency, the region in general hardly seems keen to do some direct intervention.

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,” said Mario Draghi, ECB President.

 

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