ECB chief economist: "Bitcoin can help us" if it is regulated

"Let's take action on risks and regulation," Benoit Coeure urged, at a panel organized by the Bloomberg agency in Davos. The economist asked the G20 to discuss the issue as early as March.

The chief economist of the European Central Bank (ECB) has encouraged the G20 countries to discuss bitcoin regulation soon. In a keynote address at the World Economic Forum's annual meeting in Davos, Benoit Coeure argued that cryptocurrencies can be positive if they are controlled by the authorities.

"Let's take action on risks and regulation," Coeure told a panel hosted by Bloomberg in Davos. "The international community is forming and preparing a response to this and I expect to see a discussion of the G20, for example, in Buenos Aires in March, to focus on these issues with a regulatory response.

Last year, bitcoin's value soared 1,500% and led to the emergence of cryptocurrencies in markets, making it inevitable that financial authorities would begin to debate the issue. Currently the first of nearly 1,500 crypto coins, the Bitcoin (BTC) is worth about $ 11,120.

Couere argued that the international community must find a framework for cryptocurrencies in the regulated monetary and financial system. "We also need to improve cross-border payments because it is good for development and for financial inclusion," he said. “Bitcoin can help us, it can pay for a service, forcing us to upgrade our systems. This is a positive lesson”.

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