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Saturday, October 7, 2017

Crypto News: ECB Considers “Legal Restraints” Against Bitcoin Says Council Member

ECB Considers “Legal Restraints” Against Bitcoin Says Council Member

The ECB has said a lot of things about bitcoin over the past few years, and this week the Austrian economist and ECB council member Ewald Nowotny gave his opinions. Nowotny says the bank is currently looking into regulating decentralized currencies but did not detail what kind of mandates the institution would enforce. The European official believes bitcoin is too volatile and lacks in regulatory supervision.  

“Bitcoin is not a currency, it is highly speculative and volatile, it is not subject to any supervision either, and the stock market movements of the recent period make it clear,” explains Nowotny speaking with the Austrian weekly trend report.

It’s not the first time Nowotny has scrutinized bitcoin as the ECB council member has been very outspoken against the digital asset. “Bitcoin does not own the main feature that makes a currency good, namely – stability,” explains Nowotny this past July. “The cryptocurrency is subject to speculations,” he adds. However, at the time Nowotny explains that even though the bank wouldn’t ban bitcoin; retail investors should be “aware of the risks.”

Full story at

Source: Bitcoin News

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