Yesterday, Ewald Nowotny, member of ECB’s governing Council and head of the Bank of Austria, said that the Bank is considering the possibility of regulating the cryptocurrency market, focusing in particular on the experience of China, according to Reuters.
“China has imposed a ban when I saw in trading cryptocurrency signs of fraud. We therefore also asked: whether or not to intervene, our government and Central banks in this process?” — said the head of the Bank of Austria during his speech at the meeting, held in Florence.
Immediately Nowotny noted that the risks associated with the spread of cryptocurrency, it is not necessary to overestimate, so first you just need to calmly figure out what people have to deal with.
“Financial instability, the market can not create, as long as it is not so large,” he said.
In September 2017, the Chinese authorities have limited the possibilities for trading digital currencies on the exchange, basing its position high financial risks which are associated with the purchase and sale of cryptocurrencies. There’s Nowotny stated that the biggest risk is not seeing as it reminds him of the process of trading in the shares on the stock exchange. And there, as you know, you can not only make money but also lose money. If this happens, then it remains only to take it for granted.
Previously, Novotny reported that the ECB may impose restrictions on trade in cryptocurrencies because of the dubiousness of the new market, but so far his words are not confirmed by actions from the European Bank.
Heated discussion of the future of cryptocurrency in Europe, as always, takes place in our cozy telegram-chalice.
The European Central Bank may restrict trade cryptocurrency
Vyacheslav Larionov