The President of the European Central Bank, Mario Draghi, said that the central bank’s job is not to regulate cryptocurrencies.
The former Italian banker, who is part of the ECB’s #AskDraghi video series, tweeted that many users on Twitter that the ECB’s Bitcoin
In response to this:
“The AMB’s job is not to make one of these.”
said.
Draghi also responded to a college student who asked if he would support the purchase of Bitcoin.. “The value of Bitcoin is swinging like a pendulum,” while the value of the Euro remains stable. He also emphasized the decentralized nature of cryptocurrencies and continued: “The Euro is supported by the European Central Bank. The dollar is backed by the Federal Reserve bank. Currencies backed by central banks or governments. But no one is backing Bitcoin.”
This is not the first time Draghi has commented on cryptocurrencies and their regulation.. The ECB chief said in September of 2017 that the bank has no obligation to regulate Bitcoin; and in November, he said that cryptocurrencies have a limited impact on the world economy.
At the time of publishing the video, the ECB released a detailed explanation of how the institution defines Bitcoin.
Draghi’s price In addition to his comments in terms of volatility, insufficient government and firm support, he added that Bitcoin is not widely accepted, transactions are slow and expensive.
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