Topic: European Central Bank: It is not our job to Regulate Bitcoin (Read 260 times)
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Actually even government couldn't find ways to regulate bitcoin, that's the reason why up to this point in time legality issue of bitcoin in most country is not clear, though they did not say bitcoin is illegal, still, they did not show support over it. Somehow in the near future if bitcoin will earn the trust of government maybe this issue will be fix but any central banks of different country has nothing to do with that like ECB says.
In a public video conference, European Central Bank (ECB) President Mario Draghi answered a question that has been the main debate of financial organizations at international level, giving an official opinion of the European Continent on a position that could be adopted regarding the use of cryptocurrencies.
“Many of you posted questions about whether the ECB is going to ban Bitcoins or it’s going to regulate Bitcoins, (…) I have to say it’s not the ECB’s responsibility to do that.”
These words sound surprising not only for the audience but for the media that covered such news, as it marks a big separation from other opinions and initiatives that strengthened the rumors about strong regulations for the cryptocurrency market.
These words seem to be a nuanced response to statements made by Agustin Carstens, head of the Bank for International Settlements, who called for central banks to end what he described as the “Ponzi scheme” of cryptocurrencies, by restricting their access to banks and financial infrastructure.
benks
Read More: https://zycrypto.com/european-central-bank-not-job-regulate-bitcoin-cryptocurrencies/
“Many of you posted questions about whether the ECB is going to ban Bitcoins or it’s going to regulate Bitcoins, (…) I have to say it’s not the ECB’s responsibility to do that.”
These words sound surprising not only for the audience but for the media that covered such news, as it marks a big separation from other opinions and initiatives that strengthened the rumors about strong regulations for the cryptocurrency market.
These words seem to be a nuanced response to statements made by Agustin Carstens, head of the Bank for International Settlements, who called for central banks to end what he described as the “Ponzi scheme” of cryptocurrencies, by restricting their access to banks and financial infrastructure.
benks
Read More: https://zycrypto.com/european-central-bank-not-job-regulate-bitcoin-cryptocurrencies/
What I could say sonfidently, Mario Draghi is a wise man! How could bank, even central of the EU regulate BTC if they can`t ban it, can`t confiscate, reduce it or issue it)
No one even knows how many BTC are burnt, by losing PK from wallets.
Even governments of big countries alredy realize that they can`t regulate smth like BTC for many reasons! The only step they could regulate - is the taxation of the withdrawal transactions or transactions on the centralized exchanges, but it`s definitelly not the banks job.
In a public video conference, European Central Bank (ECB) President Mario Draghi answered a question that has been the main debate of financial organizations at international level, giving an official opinion of the European Continent on a position that could be adopted regarding the use of cryptocurrencies.
“Many of you posted questions about whether the ECB is going to ban Bitcoins or it’s going to regulate Bitcoins, (…) I have to say it’s not the ECB’s responsibility to do that.”
These words sound surprising not only for the audience but for the media that covered such news, as it marks a big separation from other opinions and initiatives that strengthened the rumors about strong regulations for the cryptocurrency market.
These words seem to be a nuanced response to statements made by Agustin Carstens, head of the Bank for International Settlements, who called for central banks to end what he described as the “Ponzi scheme” of cryptocurrencies, by restricting their access to banks and financial infrastructure.
Read More: https://zycrypto.com/european-central-bank-not-job-regulate-bitcoin-cryptocurrencies/
“Many of you posted questions about whether the ECB is going to ban Bitcoins or it’s going to regulate Bitcoins, (…) I have to say it’s not the ECB’s responsibility to do that.”
These words sound surprising not only for the audience but for the media that covered such news, as it marks a big separation from other opinions and initiatives that strengthened the rumors about strong regulations for the cryptocurrency market.
These words seem to be a nuanced response to statements made by Agustin Carstens, head of the Bank for International Settlements, who called for central banks to end what he described as the “Ponzi scheme” of cryptocurrencies, by restricting their access to banks and financial infrastructure.
Read More: https://zycrypto.com/european-central-bank-not-job-regulate-bitcoin-cryptocurrencies/
That statement is good to stop the misguidance and the fear of investors to invest in cryptocurrency. But for me, ECB should regulate the use of cryptocurrency for the legality of the people using it. To make cryptocurrency legal in a country there should be a regulated rules into which the entry and the outgoing transactions should be monitored to minimize the criminal access through the blockchain.
A few months Ukrainian Central Bank officials made a briefing when they've told that they don't want to regulate Bitcoin because they don't think that it's a currency, they said it's an asset or commodity so it's the job for market regulators. Maybe European Central Bank has the same feelings and they are afraid that if they will try to regulate it, it will be viewed as legitimizing it as a currency, which they don't want to happen.
It is quite interesting statement. I must admit that I'm surprised. I thought that European Union would try to get rid of Bitcoin and other cryptocurrencies as fast as possible but as it turns out, they don't mind them. I guess it will change in the next few months due to banks and governments policy. Right now, some banks are against cryptocurrencies which leads to the termination of the contract with their clients who bought BTC or runs an exchange. What a shame.
It is good to hear about this news. It clearly show that it was fuds that ECB want to regulate crypto.
that is correct what the ECB President said. Central banks do not regulate cryptocurrencies, governments and parliaments do regulate them. This is directly related to the law makers which means parliaments. I think regulation of cryptocurrencies will take a long time because things do not discussed and regulated in European Union. There are a lot of sub mechanisms and associations that will advise their opinions about the matter.
I'm not surprised. They can't stop cryptocurrency market growth and when we get to the critical mass, boom fiat market will be at least changed drastically.
People will always find the way to get into the crypto.
It's funny, they built the whole fiat corrupt system for 100 years and we built entire new one, better one within just few years. Isn't that great.
With development of the technology it is great to see people more independent.
People will always find the way to get into the crypto.
It's funny, they built the whole fiat corrupt system for 100 years and we built entire new one, better one within just few years. Isn't that great.
With development of the technology it is great to see people more independent.
If there are people surprised, it just shows that they aren't aware of what central banks do. They can only do what the law allows them to do, and there was no law on cryptocurrencies when they were created, so they can't do anything about it. It's not good or bad, it's just that it's not their job. A central bank has other business to take care of (controlling inflation, regulating the money supply, making sure banks are doing they job...).
Good news for Bitcoins. If european central bank also lose hope in the fight of protecting cryptocurrency and ban it, then we are doom to see bitcoins come 100 USD price. If Asia is given up on crypto coins, Europe wont.
Bitcoin will usually have a Country stating that they'll try to regulate Bitcoin but they know that they can't stop millions of people that fast.
They are probbly preparing to announce their own crypto to replace the debt laden Euro. 
Good news for Bitcoins. If european central bank also lose hope in the fight of protecting cryptocurrency and ban it, then we are doom to see bitcoins come 100 USD price. If Asia is given up on crypto coins, Europe wont.
[..]
“Many of you posted questions about whether the ECB is going to ban Bitcoins or it’s going to regulate Bitcoins, (…) I have to say it’s not the ECB’s responsibility to do that.”
[..]
doesn't it simply mean that while it is not a role of European Central Bank to regulate bitcoin, the role of National Central Banks and governments remains to regulate it on a national level? Switzerland is regulating ICOs, many countries follow, in many countries there are similar regulations at least for taxes if not broader... we'll see “Many of you posted questions about whether the ECB is going to ban Bitcoins or it’s going to regulate Bitcoins, (…) I have to say it’s not the ECB’s responsibility to do that.”
[..]
because bitcoin has its own rules, the World Bank can only monitor and analyze the movement of bitcoin this world. Bitcoin does not merge into a bank, and they can not regulate bitcoin.
I agree - I think he says they won't not because he doesn't want to but because he knows technically it isn't possible.
because bitcoin has its own rules, the World Bank can only monitor and analyze the movement of bitcoin this world. Bitcoin does not merge into a bank, and they can not regulate bitcoin.
Really interesting, thanks for sharing. For what I’ve read in European newspapers, even the Spanish government was trying to get the BTC discussion into the G20 meeting the next year. The concern what about how the European Central Bank (and others entities) where going to approach to the BTC “problem” (Spaniard president words).
So those are really good news. In my opinion, Draghi is making such an important point: BTC is not for our concern. This is just The Director making clear his position about Cryptocurrency, a promising one, maybe, for it includes Europa itself.
So those are really good news. In my opinion, Draghi is making such an important point: BTC is not for our concern. This is just The Director making clear his position about Cryptocurrency, a promising one, maybe, for it includes Europa itself.
This does not mean that bitcoin will not be regulated within Europe. It just does not fall under the jurisdiction of the ECB. It would more likely fall under the jurisdiction of the European parliament or even the country parliaments. It says this right there in the article.
Regulation is inevitable and it's in fact needed over time. It just has to be well balanced regulation that does not harm Bitcoins progress and innovation.
Regulation is inevitable and it's in fact needed over time. It just has to be well balanced regulation that does not harm Bitcoins progress and innovation.
Well this statement is a big slapped on the face of countries like France and Germany who hates bitcoin and cryptocurrency, even demanding in G20 a joint proposal to regulate it.
https://www.reuters.com/article/us-global-bitcoin-france-germany/france-germany-to-make-joint-bitcoin-regulation-proposal-at-g20-summit-idUSKBN1F728X
I'll consider the statement European Central Bank (ECB) President Mario Draghi as a win for the crypto enthusiast, although I was surprised by it. I really thought that they (ECB) are very against it, but guess he really knows that crypto is not that disruptive as other is trying to picture specially bitcoin. And I'm also against France and Germany calling for a joint and universally crypto regulations. They can't force a crypto friendly country such as Japan or Belarus to follow such stance.
"he really knows that crypto is not that disruptive as other is trying to picture specially bitcoin".https://www.reuters.com/article/us-global-bitcoin-france-germany/france-germany-to-make-joint-bitcoin-regulation-proposal-at-g20-summit-idUSKBN1F728X
Quote
“We will have a joint Franco-German analysis of the risks linked to bitcoin, regulation proposals and these will be submitted as a joint proposal to our G20 counterparts at the G20 summit in Argentina in March,” Le Maire told reporters.
I'll consider the statement European Central Bank (ECB) President Mario Draghi as a win for the crypto enthusiast, although I was surprised by it. I really thought that they (ECB) are very against it, but guess he really knows that crypto is not that disruptive as other is trying to picture specially bitcoin. And I'm also against France and Germany calling for a joint and universally crypto regulations. They can't force a crypto friendly country such as Japan or Belarus to follow such stance.
Kinda agree with this statement, people using bitcoin as a speculative tool and when they got the profits, they will get their money back to the bank, not for the means of spending or used as daily currency, therefore it's just works like another usual commodity.
Therefore bank will just having fun with the additional money circulation they get.
The fact that the European Central Bank does not intend to influence the circulation and circulation of crypto-currencies in Europe in any way is already a very good news for the Crypto-currency. Usually representatives of banks are sharply negative about the introduction of crypto currency. And here the head of the European Central Bank makes such a statement. Not casually, probably, that bitcoin has started not bad to grow now in the price.
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