Mario Draghi reiterated that Bitcoin regulation is not the responsibility of the European Central Bank

nBankruptcy comment: ECB President Mario Draghi pointed out last fall that the bank has no right to oversee cryptocurrencies such as bitcoin. Recently, he reiterated this view once again, saying that this work is not the responsibility of the European Central Bank. Although the Bitcoin market has undergone many major events since he last made this announcement, none of this clearly changed his perception of bitcoin. This may indicate that the ECB is still not going to focus on cryptocurrencies for the time being.n
nTranslation: Inan
ECB President Mario Draghi said regulation of cryptocurrencies is not a job for the European Central Bank.n
In the ECB’s #AskDraghi series of videos, Draghi said he sees many Twitter users asking if the European Central Bank will regulate or even ban Bitcoin.n
In response to this question, he said:n
n”This is not the ECB’s responsibility.”n
nDraghi will also respond to a college student’s “whether to recommend buying bitcoin” issue.n
He pointed out he was “serious” about buying bitcoin because he did not think bitcoin was a currency and claimed that the value of bitcoin fluctuated too much and was not as stable as the euro.n
Turning to the decentralized nature of cryptocurrencies, he said: “The euro is backed by the European Central Bank, the U.S. dollar is backed by the Federal Reserve, the currency is backed by the central bank or its government, and Bitcoin does not.n
Draghi is not the first to express this view on cryptocurrency and its regulatory issues. He said in September 2017 that the ECB “has no power” to regulate bitcoin, and in November said the impact of the cryptocurrency on the world economy was limited.n
Just as the European Central Bank released the video, the bank also published an article explaining bitcoin explaining in more detail its perception of bitcoin.n
In addition to the price fluctuations mentioned by Draghi and the lack of institutional or government support, the article also pointed out that Bitcoin is not widely accepted and that such “transactions are slow and expensive.”n
At the same time, the article also mentioned that the user can not get the legal protection when the wallet is black and bitcoin is stolen.n

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