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  #AskDraghi: ECB Chief Reaffirms Regulatory Cancellation | BTC-ECHO | Bit Updates
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#AskDraghi: ECB Chief Reaffirms Regulatory Cancellation | BTC-ECHO

Wednesday, February 14th, 2018 | bitcoin updates

Read article: The President of the European Central Bank (ECB), Mario Draghi, reiterates his rejection of cryptocurrency this week. In a video by which Draghi answers Twitter users on their questions, he underlines the attitude that crypto regulation is not within the ECB's competence. While some may speculate that future crypto-regulation in European latitudes is just a matter of the expiring hourglass, ECB President Mario Draghial's vote of the European Central Bank is decidedly opposed this week. In the wake The 70-year-old PR initiative #AskDraghi insists on the demand of Twitter users for its institution's point of view: "The regulation of cryptocurrencies is not within the ECB's sphere of responsibility." Draghi recommends that the video "think carefully" before going to Bitcoin & Co. invest. The Italian central banker refers to the "wild rash" of about the Bitcoin course. The euro in return is stable. He further underlines that no central bank guarantees its value. "The euro is held by the European Central Bank. The US dollar is held by the US Federal Reserve. Currencies are backed by central banks or their governments. Nobody secures the Bitcoin, "Draghi said. This week, the three European financial regulators EBA, EIOPA and ESMA wrote to the citizens of the European Union in a written statement. In the letter, the authorities warn citizens against the potential risks of crypto-commerce. The warning had sparked renewed speculation over a European regulatory approach this week. ECB stance: not responsible With its regulatory refusal, Draghi is now reaffirming the ECB's firm stance. As early as last year, Draghi had repeatedly stressed that his institution had no jurisdiction over the regulation of growing cryptocurrencies. In September, for example, he had given the all-clear that the digital payment alternatives would not pose a "monetary risk". As a result, their influence is too low to fall into the ECB's field of action. This is primarily responsible for monetary stability in the euro zone. In September, Draghi also stressed that his institution lacks a basis for the concrete handling of Bitcoin and other crypto currencies. According to Draghi, it is "not really in our power" to regulate or ban them altogether, says Draghi. As the importance of Bitcoin on the international financial markets grows and the number of cryptocurrency regulations grows, the call for the regulation of cryptocurrencies is becoming ever louder. While numerous states have already initiated existing control initiatives, the director of the International Monetary Fund, Christine Lagarde, recently pushed for international crypto regulation and comprehensive oversight. In Frankfurt, developments in the Bitcoin district are being pursued still with watchful eyes. For example, Draghi can imagine that European banks could hold Bitcoin futures in the future. So the hourglass keeps going.BTC-ECHOAbout David BarkhausenDavid Barkhausen, as a freelance journalist, has already written and reported on his own blog for several daily newspapers, radio, television and incidentally. Since 2017, the Master of Political Science at the University of Heidelberg has dedicated himself to the topic of blockchain. In this context, he focuses primarily on the areas of regulation, society and economic policy. All contributions by David Barkhausen Bilddellenshutterstock_724362973 (1): https://www.shutterstock.com/de/image-photo/march-9-2017-frankfurt- main-ecb 724362973? src = 7ZGJQC_MeZmzhpMU0igQdA-1-20


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