The man has spoken. On Tuesday, the president of the European Central Bank joined the conversation regarding cryptocurrency regulation. More specifically, the ECB president discussed the bank’s viewpoint on whose responsibility it is to regulate bitcoin. Unfortunately, it might not have been what people were hoping to hear from the former Italian central banker.
What Happened Tuesday?
Mario Draghi said today that it is not the European Central Bank’s responsibility to regulate bitcoin or other forms of cryptocurrency. This comment is significant as it comes at a time when more and more authorities are being asked to regulate the cryptocurrency market. I, for one, agree that there needs to be more regulation as the cryptocurrency market has proven itself to be extremely volatile as of late.
Apparently, Draghi doesn’t agree. According to the ECB president, he has been asked a number of times whether or not the bank plans to regulate bitcoin. Draghi didn’t provide a whole lot of detail in his response, he simply just responded by saying that “it’s not the ECB’s responsibility to do that.”
If you are someone who wants more regulation, you will probably find Draghi’s comments to be very disappointing. That said, the ECB president’s viewpoint on cryptocurrency shouldn’t come as a total surprise. Why? Because back in September of 2017, Draghi came forward and said that the bank doesn’t have any power when it comes to regulating bitcoin.
The president of the European Central Bank is not the only person who has come forward and said that the general population needs to stop relying on banks or exchanges for more regulation on cryptocurrencies. The CEO of Kraken also came forward today and stated that crypto traders need to rely more on themselves and their own research skills for information on cryptocurrencies, instead of relying heavily on exchanges.
So basically, if you’re looking at giving the cryptocurrency sector a shot, just know that it is every man for themselves.
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