European Central Bank denies ignoring cryptocurrency

Although the Central Bank does not have the authority to regulate Bitcoin, Benoit Curie shared the bank's position in an interview with Le Journal du Dimanche on October 29. In this interview, he confirmed that the bank is following the development of cryptocurrency and briefly outlined his views on Bitcoin and other cryptocurrencies.

At the height of the popularity of cryptocurrencies and, in particular, Bitcoin, the European Central Bank (ECB) seems distant from the latest news and events. Or rather, it seemed so until the executive member of the Central Bank, Benoit Curé, broke his silence, emphasizing that they are not ignoring cryptocurrency. 

ECB keeps an eye on cryptocurrencies

Even though the Central Bank does not have the power to regulate Bitcoin, Curie shared the bank's position in an interview with Le Journal du Dimanche on October 29. In this interview, he confirmed that the bank is following the development of cryptocurrency and briefly outlined his views on Bitcoin and other cryptocurrencies. 

Today, the bank does not consider cryptocurrency as a threat to the euro. They “don't pose any risk because the amounts being invested in this area are negligible,” he said. 

Central banks around the world are closely monitoring the direction of cryptocurrencies.

Cure said: "Cryptocurrencies, unfortunately, can easily be used for speculative or even illegal purposes. Central banks are closely monitoring their development. They are spreading very quickly, especially in countries where fewer and fewer people use cash in everyday life."

Some countries, including Sweden, are gradually adapting to cashless transactions. payments and are increasingly using cryptocurrency. Overall, this is the main reason why central banks cannot simply ignore cryptocurrency. Instead, some banks are starting to actively monitor it.

In September, ECB Vice President Victor Constancio noted that Blockchain technology “is not a threat to the policy of the Central Bank.” Following his statement, the bank's president, Mario Draghi, said that the ECB does not have the power and ability to regulate or prohibit cryptocurrency transactions.

According to https://cointelegraph.com