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ECB Says Cryptocurrency Regulation “Not High on To Do List”

ECB Says Cryptocurrency Regulation “Not High on To Do List”

The European Central Bank (ECB) has weighed in on the international debate on cryptocurrency regulation, with a representative saying that regulating the crypto space was “not high” on the ECB’s list of priorities in a televised interview with CNBC.

The ECB’s Chair of the Supervisory Board Daniele Nouy told CNBC that the ECB is “ready to do something if it was needed, but so far it's not exactly very high on our to-do list.”

Nouy’s thoughts regarding cryptocurrency regulation are the latest in a string of comments by high ranking representatives of various financial authorities.

US Securities and Exchange Commission (SEC) Chairman Jay Clayton revealed that he hopes to regulate ICOs “like we regulate securities offerings” while testifying before the Senate Banking, Housing and Urban Affairs Committee on Tuesday morning.

Augustín Carstens, the General Manager of the Bank for International Settlements (BIS), called Bitcoin a “combination of a bubble, a Ponzi scheme and an environmental disaster” during a speech at Goethe University on Feb. 6, asking banks to regulate the crypto space more closely in order to avoid a “threat to financial stability.”

However, Tharman Shanmugaratnam, Deputy Prime Minister of Singapore and Head of the Monetary Authority of Singapore (MAS), said that there was “no strong case yet” to ban trade of Bitcoin or any other cryptocurrency in prepared remarks published on Monday, February 5.

ECB president Mario Draghi told the European Parliament that the ECB is “not observing a systematically relevant holding of digital currencies by supervised institutions,” in Strasbourg Monday, noting that the biggest banks and credit institutions are “showing limited appetite for digital currencies, like Bitcoin.”

Monetary and financial authorities are increasingly weighing in on the topic of cryptocurrency regulation in the runup to the March meeting of the Group of 20 (G20), an annual gathering of the 20 largest national economies in the world, which will take place in Argentina. Many sources expect that cryptocurrency policy and regulation efforts will take center stage at the G20 this year.

09 Feb 2018

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