The EU Is Uncertain About Cryptocurrencies

The EU Is Uncertain About Cryptocurrencies

Recent events in the USA such as future contracts listings of Bitcoin by exchanges can lead to similar happenings in the European Union, says Mario Draghi, the president of the European Central Bank.

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Recent events in the USA such as future contracts listings of Bitcoin by exchanges can lead to similar happenings in the European Union, says Mario Draghi, the president of the European Central Bank. Cryptocurrencies were not the main topic on the European Parliament meeting this week but several parties made some important remarks.

Draghi admitted that authorities have not discussed cryptos thoroughly and that no European bank currently holds digital currencies. He even noted that the interest from EU financial institutions is insignificant in spite of the great demand from the public. However, things can quickly turn around if cryptocurrencies embark a mainstream adoption.

Since financial institutions consider cryptos excessively risky and it is unlikely they hold any of them any sooner. On the other side of the Atlantic CME Group and other Wall Street heavyweights started listing bitcoin and other digital assets.

Nevertheless, Mario Draghi, noted several times that the European Central Bank does not have the authority to impose regulations on cryptocurrencies and the only thing the institution can do is to monitor and supervise them. Previously the president of ECP had quite a different opinion saying that cryptos are not mature enough to strike serious discussions. He also stated in November 2017 that at this stage they have limited impact on the economy in general and do not put central banks at risk nor are able to take the control from them.

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