European Central Bank President: Encrypted currency prices have limited impact on the economy


nnnThe European Central Bank governor has made a number of speeches in public, referring to financial technology such as block chains and distributed books, noting that the increase in the market value of encrypted money has limited impact on the economy; only the use of encrypted money has caused international regulators Attention and monitoring. And block the chain of technology and other great potential should also be taken seriously.n
nnTranslation: Annie_Xun
nEuropean Central Bank (ECB, European Central Bank) issued a speech to talk about the encrypted monetary assets category of concern.n
nIn a letter to members of the European Parliament, Mario Draghi referred to the statement at the May hearing. At the May hearing, he talked about financial innovation, including the rapid pace of development of Digital Book Technologies (DLT). And warned to be cautious, so that the block chain and DLT, including financial technology will not subvert the financial system.n
nAfter that, the public letter of the meeting was mentioned more directly about the rise of the encrypted currency in 2017. The total market capitalization of all the encrypted currencies reached $ 93 billion, slightly lower than the historical high of $ 115 billion at the beginning of the year, driven by the sharp rise in Bitcoin and Taisha.n
nBut the market is rising in the eyes, Draghi take this opportunity to reiterate the encrypted currency on the financial system have a limited impact on the views.n
nn”Despite the fact that the market value of the virtual currency project has risen since the release of these reports, there is no evidence that its link with the real economy has strengthened.”n
nnReferring to ECB’s past reports, Draghi believes that the adoption of encrypted money will lead to “risk accumulation” that will lead to the reaction of international regulators.n
nHowever, he said that the current ECB may take measures to continue to monitor the ecosystem, tracking the public chain tokens “quantity, structure and scope.”n
nn”The increase in the number of virtual currency projects is conceivable, so from the perspective of financial stability, we must monitor the development of such projects.”n

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