ECB executives say cryptocurrency regulation is not a top priority

nRunaway Comment: According to the ECB’s comments on cryptocurrencies so far, the agency appears to be in no rush to oversee the cryptocurrency market. Recently, the chairman of the Bank’s supervisory committee reiterated this position in an interview, noting that although it is scrutinizing cryptocurrencies and is willing to take regulatory measures where necessary, it is clearly not the focus of this activity. The reason may lie in the fact that the current role of cryptocurrencies in global financial activities is not particularly important and does not pose a threat to the entire financial system.n
nTranslation: Inan
In an interview with CNBC on February 7, a senior European Central Bank (ECB) executive said cryptocurrency regulation is not a top priority for the agency, indicating that it is taking a modest stance on the regulation.n
Daniele Nouy, ​​chair of the ECB’s Supervisory Board, also noted that ECB-regulated banks are “very, very slow” in this regard, although she is not sure if Europe will take any further regulatory action on cryptocurrencies.n
She told CNBC:n
n”We looked at the issue from a regulatory perspective and are ready to take some action when needed, but for the time being it is not our top priority.”n
nAt the same time, more and more sources claim that cryptocurrency regulation will be one of the main topics for discussion at the upcoming G20 summit in Argentina in March.n
At last month’s World Economic Forum (WEF), European Central Bank Executive Board member Benoit Coeure said he hopes the international community will be able to focus on cryptocurrency regulation at the upcoming G20 summit in Buenos Aires.n
Although French Finance Minister Bruno Le Maire called for international regulatory cooperation on cryptocurrencies in December, the ECB appears less interested in getting involved personally.n
ECB President Mario Draghi told the European Parliament on Monday in Strasbourg: “We did not observe that the regulated institutions hold digital money systematically.” He also said:n
n”In fact, credit agencies have little interest in digital currencies such as bitcoin.”n

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