ECB President: European banks may invest in bitcoin

in #bitcoin2 years ago

The European Central Bank (ECB) president has publicly stated that European banks may invest in Bitquin after recent developments, such as Futures contracts listed on US trading platforms. During his opening statement and the introduction of some concluding remarks in the European Parliament this week, ECB President Mario Draghi touched on the subject of digital currencies, sparking a debate with other speakers during the meeting. Where the bank's president revealed that the authorities did not notice any current trend towards the acquisition of European banks for digital currencies. "Specifically, financial institutions in the EU show a limited desire for digital currencies such as Bitquin," he said.He added that this is the case despite increased public interest and demand for digital currencies. And that this trend could change with the penetration of digital currencies at the core of central bank financing. He said:

"However, recent developments such as the inclusion of futures contracts by the US trading platforms will also lead to European banks taking a stance towards the Betcoin, so we will keep in mind" This statement is made before

This statement by Draghi is worth mentioning, although it has been followed by statements criticizing "non-regulation of the Betquin" and digital currencies, describing them as "dangerous assets", where banks should proactively mention the risks surrounding them if they decide to include digital currencies Within its list of services. As many Wall Street banks scoffed at the structure, CME - the largest derivatives market - CME, listed Petrochemical Futures contracts in mid-December on its services after CBOE issued its own list a week ago.

The President of the ECB has also hinted at the establishment of a unified oversight expected through an "individual supervision mechanism" to oversee the risks of digital assets that may be exposed to institutions or banks under supervision. Draghi earlier announced that the European Central Bank does not have the authority to regulate Bitquin. But his remarks this week suggest an approach that involves more supervision of the Betquin and digital currencies - not by regulation - and allowing banks to adopt them or work in European Union banks. Paradoxically, Draghi suggested later in October 2016 that digital currencies were not mature enough to be within the European Central Bank.

In November, Draghi added that the effect of Betcairn and the digital currency sector in general is limited. And that they pose no risk to the central banks, as decentralized banks fundamentally deny control of money through some institutions.