The President of the ECB: EU Banks show “limited appetite” against the cryptocurrency

The President of the ECB: EU Banks show “limited appetite” against the cryptocurrency

The European Central Bank (ECB) stated that financial institutions in the European Union belong to the cryptocurrency not with the same enthusiasm as ordinary citizens.

At the meeting of the European Parliament on 5 February, ECB President Mario Draghi said that the Central Bank sees “significant interest in cryptocurrencies” on the part of banks in the region.

In fact, credit institutions of the European Union, show the limited appetite in relation to digital currencies like the bitcoin, despite the high level of interest from ordinary citizens.

However, he believes that with the development of the market, as evidenced by the launch of bitcoin futures in the US, interest from financial institutions of the EU may intensify.

He also said that banks should with caution applies to cryptocurrencies because of the high volatility and risk, and the lack of defined structure for monitoring cryptocurrency.

Draghi said earlier that the ECB has no authority to regulate the cryptocurrency, he believes that the study of their potential impact on the existing financial system should be through a Single Monitoring Mechanism. This will allow the ECB to effectively monitor financial stability among the countries-participants of EU.

In October 2017, Draghi also said that the cryptocurrencies do not have a significant impact on the financial market, to be regulated in the EU.

Currently in Europe are some of the world’s largest crypto-currency exchanges: Bitstamp and HitBTC, the total turnover of which, according to CoinMarketCap, for the last day amounted to more than $ 1 billion.

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