European Central Bank: It is not our job to Regulate Bitcoin

[zycrypto]

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/

[CryptoBeefy]

This is good news and stops a portion of the scaremongering and FUD that's been going on. The market is starting to look a little green so hopefully we now see a nice little run and some positivity again

[Michellekking]

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/

That is good news for bitcoin. European Banks are not about to ban bitcoin transactions. He rejected a previous false statement that European Banks would ban bitcoin. This will make people more confident about bitcoin.

[jhean_arcane]

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/

I'm sure President Graghi knows what he is saying. He is being realistic, but not necessarily supporting Bitcoin because he is working in a bank. It's not truly their responsibility, but what they can do about it is to adapt to the changes in the financial climate of the world. More and more people embrace digital currency and the more the central authorities try to suffocate its growth. the more people support it, thus, accelerating its development. You cannot prevent bitcoin to grow, you can only outsmart it. Fortunately, nobody ever succeeded.

On the other hand, Agustin Carsten's speech about cryptos as Ponzi scheme was made out of ignorance and fear of the unknown.

[hosseinimr93]

It's very good news. I am happy we are hearing good news these days. After Senate discussion which was positive, now we are hearing this news. Seems that that governments are going to accept bitcoin.
Hope to hear good news after G20 discussion on March.

[FrueGreads]

I agree that it's not their call to try to regulate crypto. They could o course state their opinion if consulted, but governments or special entities appointed by governments will have the final word regarding crypto regulation. I guess that those asking for banks to "shut down" the so called ponzi scheme, would like for them to ban credit card purchases, like some banks are doing, or block transactions to exchanges etc. I don't think that's the way, and the banks that are doing that will just lose clients, because people will eventually find a way to buy crypto. So I guess Mario Draghi is doing the right thing.

[xieqieshangu9]

This indicates that BTC will not be banned in Europe!

Europe's BTC investors will not worry about the impact of their policies on BTC!

To Europe's BTC investor confidence!

[2fresh]

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/

Quite unexpected to me but very good news.

[MakeMoneyBtc]

It is clearly that all the news that people spread on the internet in last weeks are fake and governments or banks dont have anything to do with bitcoin and they dont want to do anything against it. This is the only kind of news we need to belive, those ones were directors from banks or politicians speak in public and say what the really truth is.
Bitcoin does not affect governments so much and thats why they are not going to regulate it any time soon. Until thousands of people are going to use bitcoin to pay for food, clothes, shelter governments will not do anything to stop or regulate it.

[Kemarit]

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

“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.

[Marine8]

We need answers such as this one in order for the crypto community to grow stronger.Am sure any other answer would have caused another fudd and affected the crypyto community again.That s good news to hear.

[hase0278]

We need answers such as this one in order for the crypto community to grow stronger.Am sure any other answer would have caused another fudd and affected the crypyto community again.That s good news to hear.

Even if it could have caused another FUD, don't worry about it since it will be answered in the future anyway and the public will know the truth sooner or later. Nevertheless this is really a good news since there would be no FUD about Europe banning Bitcoin for now since it is made clear that they will only try to regulate it and ECP stated that it is not their job to regulate bitcoin.

[Rostock]

This betrays a little confidence in the future. But I think that everything is not so simple. Today, for example, they can not resolve this issue, so he gave such an answer.

[darkangel11]

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

“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.

It doesn't mean they hate it! Germany is a tax haven with their no tax if you hold for a year rule, and their banks are mostly pro crypto. I have used some German bank branches in the past and they've been always very cooperative. They want to regulate it because they want the ICO scams to register, and of course they want taxes because they're greedy Anyway, they're far from being anti crypto. For now.
As for France, they are one of the most greedy nations with their high taxes. Obviously they need money to manage their refugee problem, and they are a socialist state on top of it all, so they will suck upper classes dry.

[alexcopper]

I agree. Banks shouldn't control what anyone does with their money.

[Glorious04]

It is a good news. But this statement is also ironic. It is not because he excluded bitcoin from their regulations doesnt mean they are not interested in bitcoin too. It could be a reversed psychology. Maybe they are taking a big preparations on their next steps?

[gidaahmad]

I am surprised. I think the ECB instead supports the regulation for Bitcoin. But after reading the news you wrote, I became aware that my prejudice has been wrong. Thanks for sharing.

[senin]

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.

[bitkanu]

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

“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.

"he really knows that crypto is not that disruptive as other is trying to picture specially bitcoin".
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.

[littlebill16]

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.