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Author Topic: ECB President: Bitcoin Not 'Mature' Enough to Be Regulated  (Read 228 times)
tyz
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October 20, 2017, 06:07:50 PM
 #1

Mario Draghi, president of the European Central Bank (ECB), has said that cryptocurrencies are not "mature" enough to be regulated.
Speaking at a press conference last week, CNBC reports, Draghi told reporters:

Quote
"With anything that's new, people have great expectations and also great uncertainty. Right now, we think that – especially as far as bitcoins and cryptocurrencies are concerned – we don't think the technology is mature for our consideration."

Making the comments in response to a question on the potential of cryptocurrencies, Draghi further said that one of the lessons of the financial crisis is to "cherish" the benefits of fintech innovations like bitcoin, while still paying attention to their "potential risks."

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October 20, 2017, 06:31:39 PM
 #2

Mario Draghi, president of the European Central Bank (ECB), has said that cryptocurrencies are not "mature" enough to be regulated.
Speaking at a press conference last week, CNBC reports, Draghi told reporters:

Quote
"With anything that's new, people have great expectations and also great uncertainty. Right now, we think that – especially as far as bitcoins and cryptocurrencies are concerned – we don't think the technology is mature for our consideration."

Making the comments in response to a question on the potential of cryptocurrencies, Draghi further said that one of the lessons of the financial crisis is to "cherish" the benefits of fintech innovations like bitcoin, while still paying attention to their "potential risks."
They cannot regulate it, they can ban it or leave it. They can ban it if they want, but bitcoin doesn't cause enough problem to them yet to think about banning it. They just advice people to stay away from it, which is understandable because most of the people are not aware of the potential risks of bitcoin (high volatility, losing bitcoin because of technical problems and lack of backup, etc). They won't regulate it, they will start to tax it if they will let people use it officially.

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October 20, 2017, 06:42:01 PM
 #3

Makes sense, we're not at a point where Bitcoin is a real "danger" yet to the governments. I'm pretty sure it will be in the future though, and when that moment comes we should expect taxing in Bitcoin. The banks and governments will do everything in their power to take a cut.

It's funny the whole Bitcoin vs Banks thing makes me think about Uber vs Taxis for some reason haha. The banks are pre-established just like the taxis and there's a new technology coming to the playground which is Uber (Bitcoin or cryptocurrency in general). Taxis are still fighting to overthrow the new technology that is Uber.  Grin


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October 20, 2017, 06:48:34 PM
 #4

Makes sense, we're not at a point where Bitcoin is a real "danger" yet to the governments. I'm pretty sure it will be in the future though, and when that moment comes we should expect taxing in Bitcoin. The banks and governments will do everything in their power to take a cut.

It's funny the whole Bitcoin vs Banks thing makes me think about Uber vs Taxis for some reason haha. The banks are pre-established just like the taxis and there's a new technology coming to the playground which is Uber (Bitcoin or cryptocurrency in general). Taxis are still fighting to overthrow the new technology that is Uber.  Grin

Good to hear the they still thinking that bitcoin is not a real threat yet for their government. But sooner or later they will realized this, although its not bitcoin primary purposes. Although its design was to eliminate third party like banks, bitcoin can serve other purposes as well. Bitcoin just gave people alternatives not to used banks and be "our own bank". But it doesn't mean that we are going to overthrown banks around the world because it can't really be done because banks have already established themselves are the primary financial institutions. Let bank and bitcoin co exist in a harmonious way.

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October 20, 2017, 06:52:05 PM
 #5

News source. This is really good news...
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October 20, 2017, 06:56:23 PM
 #6

Bitcoin wasnt created to be regulated, that is the point. They are mad because BTC will never be in the government' hands domain, that's why every coin that state (central banks) try to create will fail! Some people say that a coin that want to be regulated will be the new bitcoin, but they forget that those coins won't be worth a penny. Here in my country Bitcoin isnt forbidden, but there are rules you have to follow in order to be everything cool with IRS and taxes like declaring your coins if you have more than an certain amount of them and also pay the taxes, and that is a point I totally agree. Remember what happened when that bitlicense came out, a lot of coins don't trade on US because of this shit and the exchanges US based suffer with their IRS. I hope this may change in the future.


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October 20, 2017, 06:56:40 PM
 #7

Makes sense, we're not at a point where Bitcoin is a real "danger" yet to the governments. I'm pretty sure it will be in the future though, and when that moment comes we should expect taxing in Bitcoin. The banks and governments will do everything in their power to take a cut.

It's funny the whole Bitcoin vs Banks thing makes me think about Uber vs Taxis for some reason haha. The banks are pre-established just like the taxis and there's a new technology coming to the playground which is Uber (Bitcoin or cryptocurrency in general). Taxis are still fighting to overthrow the new technology that is Uber.  Grin

Good to hear the they still thinking that bitcoin is not a real threat yet for their government. But sooner or later they will realized this, although its not bitcoin primary purposes. Although its design was to eliminate third party like banks, bitcoin can serve other purposes as well. Bitcoin just gave people alternatives not to used banks and be "our own bank". But it doesn't mean that we are going to overthrown banks around the world because it can't really be done because banks have already established themselves are the primary financial institutions. Let bank and bitcoin co exist in a harmonious way.
This is actually true on which we can really have both things at the same time which we wont really need to choose one and as you said we are using banks traditionally because these are the places we do keep our funds secure but yet when bitcoin do comes out it does really adds up the options on storing and investing on our funds on it.Speaking on the news posted even no matter how they said that its not mature but yet bitcoin isn't really waiting for it to be accepted by them because it would really make his own way to be used by the community thinking off that they cant regulate it no matter how would they do.


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October 20, 2017, 07:00:17 PM
 #8

Mario Draghi, president of the European Central Bank (ECB), has said that cryptocurrencies are not "mature" enough to be regulated.
Speaking at a press conference last week, CNBC reports, Draghi told reporters:

Quote
"With anything that's new, people have great expectations and also great uncertainty. Right now, we think that – especially as far as bitcoins and cryptocurrencies are concerned – we don't think the technology is mature for our consideration."

Making the comments in response to a question on the potential of cryptocurrencies, Draghi further said that one of the lessons of the financial crisis is to "cherish" the benefits of fintech innovations like bitcoin, while still paying attention to their "potential risks."

I think I will have to agree with him on that in relation to the last comment made by Jamie in comparing the amount of money being moved by banks daily running to trillions of dollars compared to the total market capitalization of bitcoin which is still in the region of billion dollars and that is all time figure.

In addition to the all time figure of the billion dollars, when you break down that to country basis, it will amount to not significant enough to have the attention of the country's bank as the formost banker have  rightly said but that does not mean they won't acknowledge the existence of bitcoin just that they not not dwelling on it. I totally agree with him.

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October 20, 2017, 07:00:58 PM
 #9

We don't expect that a government or bank will speak in favor of cryptos and their users because they are much afraid of it. Actually i would say that the ECB president is not mature enough to consider the cryptos and its use.
They will soon realize their this mistake because our future is all about cryptos, so lets wait and watch.
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October 20, 2017, 07:03:11 PM
 #10

Makes sense, we're not at a point where Bitcoin is a real "danger" yet to the governments. I'm pretty sure it will be in the future though, and when that moment comes we should expect taxing in Bitcoin. The banks and governments will do everything in their power to take a cut.

It's funny the whole Bitcoin vs Banks thing makes me think about Uber vs Taxis for some reason haha. The banks are pre-established just like the taxis and there's a new technology coming to the playground which is Uber (Bitcoin or cryptocurrency in general). Taxis are still fighting to overthrow the new technology that is Uber.  Grin

Good to hear the they still thinking that bitcoin is not a real threat yet for their government. But sooner or later they will realized this, although its not bitcoin primary purposes. Although its design was to eliminate third party like banks, bitcoin can serve other purposes as well. Bitcoin just gave people alternatives not to used banks and be "our own bank". But it doesn't mean that we are going to overthrown banks around the world because it can't really be done because banks have already established themselves are the primary financial institutions. Let bank and bitcoin co exist in a harmonious way.

replacing the bank's usage system to the bitcoin payment system does look very favorable to us bitcoin users,. but this poses a real threat to the government,, but for this matter it does not seem to be realizable in a short time, because basically there are still many people who are lay and do not understand bitcoin,, there's even more who do not want to know about bitcoin., so just calm down as long as there are people who think so,, bitcoin will remain safe from the government ban..

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October 20, 2017, 08:33:39 PM
 #11

Mario Draghi, president of the European Central Bank (ECB), has said that cryptocurrencies are not "mature" enough to be regulated.
Speaking at a press conference last week, CNBC reports, Draghi told reporters:

Quote
"With anything that's new, people have great expectations and also great uncertainty. Right now, we think that – especially as far as bitcoins and cryptocurrencies are concerned – we don't think the technology is mature for our consideration."

Making the comments in response to a question on the potential of cryptocurrencies, Draghi further said that one of the lessons of the financial crisis is to "cherish" the benefits of fintech innovations like bitcoin, while still paying attention to their "potential risks."

Finally someone on the banks who really uses his mind before starting to blabber out nonsensical things unlike Dimon. Bitcoin is a beautiful fintech innovation, just like what Draghi said, and it helps teach normal people to be their own bank and use their money without any interventions from the government or the banks. He knows how to emphasize that bitcoin is a good thing and not only stress on the negative effects of bitcoin.

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October 20, 2017, 08:42:28 PM
 #12

Super Mario choses his words carefully. He is a clever man. He knows that it is futile to try and regulate Bitcoin, especially right now so his comments are just acknowledging crypto's presence and influence without closing the door on them.

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squatter
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October 20, 2017, 08:48:40 PM
 #13

Mario Draghi, president of the European Central Bank (ECB), has said that cryptocurrencies are not "mature" enough to be regulated.
Speaking at a press conference last week, CNBC reports, Draghi told reporters:

Quote
"With anything that's new, people have great expectations and also great uncertainty. Right now, we think that – especially as far as bitcoins and cryptocurrencies are concerned – we don't think the technology is mature for our consideration."

Making the comments in response to a question on the potential of cryptocurrencies, Draghi further said that one of the lessons of the financial crisis is to "cherish" the benefits of fintech innovations like bitcoin, while still paying attention to their "potential risks."
They cannot regulate it, they can ban it or leave it. They can ban it if they want, but bitcoin doesn't cause enough problem to them yet to think about banning it.

Sure, they can regulate it -- not the protocol itself but its interaction with sovereign money and national residents. And that's the significance for governments.

It's not like Bitcoin is the first decentralized asset. Gold has been long regulated, and it has even experienced periods of national prohibition. We have seen all this before, it's just that the technology backing cryptocurrencies is fundamentally new, so states don't have a handle on how to regulate them yet.



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October 20, 2017, 09:02:46 PM
 #14

The fact remains that ECB does not have the powers to regulate bitcoin and he has said that earlier,so i am not sure what he means by not mature enough to be regulated ,by the time they will come up with any real decisions the price would cross five figures ,who really needs their acceptance to see the growth of bitcoin. The price has crossed another milestone today and thats what any investor want .














 

 

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Hydrogen
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October 20, 2017, 09:09:47 PM
 #15

Quote
ECB President: Bitcoin Not 'Mature' Enough to Be Regulated

That is a very interesting comment.

The implications of this may be that regulating bitcoin would be officially endorsing it.

If bitcoin is regulated (endorsed) that could make it difficult for countries to ban it.

The stances of regulating bitcoin and banning bitcoin may be mutually opposed.

This might be difficult to see, I'll try to give an example. If people look in one country and see bitcoin being regulated and legal. Then they look at their own country and see bitcoin being banned. This tends to create conflict. Politically they could avoid regulating bitcoin for this reason.

Anyway, this is a somewhat political issue as many things today are. With politics it can be difficult if not impossible to accurately gauge why things happen.

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October 20, 2017, 09:29:34 PM
 #16

Mario Draghi, president of the European Central Bank (ECB), has said that cryptocurrencies are not "mature" enough to be regulated.
Speaking at a press conference last week, CNBC reports, Draghi told reporters:

Quote
"With anything that's new, people have great expectations and also great uncertainty. Right now, we think that – especially as far as bitcoins and cryptocurrencies are concerned – we don't think the technology is mature for our consideration."

Making the comments in response to a question on the potential of cryptocurrencies, Draghi further said that one of the lessons of the financial crisis is to "cherish" the benefits of fintech innovations like bitcoin, while still paying attention to their "potential risks."
Eh, whatever. This is good news for anyone on the right side of the economic spectrum. Making sure that Bitcoin can remain unregulated for a long period of time is probably one of the best outcomes because there is simply nothing that will happen to Bitcoin, we'll be able to move on in the same way we have been moving on, and governments won't be putting any legislation in that more heavily regulates everything that we have going on right now. I am completely fine with them saying that Bitcoin isn't mature because it prevents governments and similar institutions from caring.














 

 

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Mike Mayor
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October 21, 2017, 12:11:26 AM
 #17

Mario Draghi, president of the European Central Bank (ECB), has said that cryptocurrencies are not "mature" enough to be regulated.
Speaking at a press conference last week, CNBC reports, Draghi told reporters:

Quote
"With anything that's new, people have great expectations and also great uncertainty. Right now, we think that – especially as far as bitcoins and cryptocurrencies are concerned – we don't think the technology is mature for our consideration."

Making the comments in response to a question on the potential of cryptocurrencies, Draghi further said that one of the lessons of the financial crisis is to "cherish" the benefits of fintech innovations like bitcoin, while still paying attention to their "potential risks."
They cannot regulate it, they can ban it or leave it. They can ban it if they want, but bitcoin doesn't cause enough problem to them yet to think about banning it. They just advice people to stay away from it, which is understandable because most of the people are not aware of the potential risks of bitcoin (high volatility, losing bitcoin because of technical problems and lack of backup, etc). They won't regulate it, they will start to tax it if they will let people use it officially.

Explain to me in grave detail how a country will ban bitcoin please. Infringement of your privacy and various other laws will have to be broken first. It's like an investment and it is not a risk to government. Like you say people can still lose their money. Government is still getting tax only the fee rich and/or clever will use Bitcoin and there is so few amount compared to the total amount of people in each country. It's just another way to make money that's all.

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October 21, 2017, 12:27:32 AM
 #18

Mario Draghi, president of the European Central Bank (ECB), has said that cryptocurrencies are not "mature" enough to be regulated.
Speaking at a press conference last week, CNBC reports, Draghi told reporters:

Quote
"With anything that's new, people have great expectations and also great uncertainty. Right now, we think that – especially as far as bitcoins and cryptocurrencies are concerned – we don't think the technology is mature for our consideration."

Making the comments in response to a question on the potential of cryptocurrencies, Draghi further said that one of the lessons of the financial crisis is to "cherish" the benefits of fintech innovations like bitcoin, while still paying attention to their "potential risks."

Great news. That's the most progressive way of handling the rise of cryptocurrencies in my opinion. Regulations are not always bad, but they also have the potential to stifle future innovation.

Should governments actually cherish the advantages brought about by Bitcoin and other cryptocurrencies without imposing regulations, then we will have a bright future for sure. It's the best way to spur future evolution in the technology, and could grow the userbase with no drawbacks. Let's hope countries pay attention to his statement.

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October 21, 2017, 12:32:48 AM
 #19

They might change their tune if this Catalonia thing blows up.

The Catalans were withdrawing money from the banks today:

https://www.bloomberg.com/news/articles/2017-10-19/catalan-separatists-ask-supporters-to-pull-money-from-banks

A breakaway independence movement, disruptions to the euro (because Catalonia uses the euro along with Spain), people moving funds into safer currencies. It's a perfect storm.

Don't forget that the event that made bitcoin mainstream in 2013 was the euro-Cyprus crisis.

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October 24, 2017, 05:21:57 PM
 #20

We don't expect that a government or bank will speak in favor of cryptos and their users because they are much afraid of it. Actually i would say that the ECB president is not mature enough to consider the cryptos and its use.
They will soon realize their this mistake because our future is all about cryptos, so lets wait and watch.

Well, Japan the third biggest economy in the world did. They regulated Bitcoin and support it. Besides that for some smaller countries Bitcoin and crypto currencies could be a unique chance for there economy if they offer regulation and security. Malta is going the way and I am convinced there will follow more.

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