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Homepage / News November 17, 2017 156 views

ECB Council Member: Central Banks Considering Crypto Regulation

ECB Council Member: Central Banks Contemplating Crypto Regulation

A European Central Bank (ECB) governing council member has stated that lawmakers and central banks are examining regardless of whether they need to regulate cryptocurrencies.

According to a Reuters report, Ewald Nowotny, who is also the president of the National Bank of Austria, stated:

“We’re asking ourselves if legislators or central banks need to intervene.”

Speaking yesterday at a conference in Florence, Italy,&nbspNowotny said the concentrate comes following China’s current crackdown on bitcoin exchanges, saying the authorities there deemed cryptocurrencies “fraudulent.”

The council member took a neutral stance on the potential risks of cryptocurrencies such as bitcoin, nonetheless, saying, “It is like acquiring shares on the bourse … people investing in this product can suffer losses.”

In September, China’s cryptocurrency exchanges received directions from the country’s regulators, asking them to cease trading due to the truth that they are operating domestically with no a formal license.

Ewald Nowotny image by way of Franz J. Morgenbesser/Flickr

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Published at Fri, 17 Nov 2017 15:30:09 +0000