Portuguese Finance Minister: Regulators are monitoring the impact of Bitcoin

nRunaway Comment: Given that Bitcoin prices have hit new highs recently, many regulators are beginning to pay more attention to this emerging market and comment this month on cryptocurrencies. Among them, Mario Centeno, Portugal’s finance minister and chairman of the Eurogroup, has a more representative view. He said he believes that all regulators are able to grasp the overall situation in the cryptocurrency market and deal with the possible crisis.n
nTranslation: Inan
Recently asked by the euro group’s chairman and finance minister, Treasury Secretary Mário Zeno, whether he feared Bitcoin would have an impact on the financial stability in the euro zone, he said he believes EU regulators are monitoring the “general picture.”n
In an interview with Bloomberg, Centeno said regulatory agencies in Europe and elsewhere in the world know about cryptocurrencies and are watching developments. He added that as finance minister he was “confident they are grasping the general picture.”n
Then Centeno also expressed fears that bitcoin is a bubble, saying that is not a good sign, but he believes regulators are now more sensitive to this situation, no longer the same as in 2008. He said:n
n”If our financial markets fall into a bubble crisis again, this is not a good thing at this stage, and I think the regulators are now more alert to the situation and they can do their job.”n
nWhen Centeno made the remarks, bitcoin prices hit a new high again and started to move toward the $ 20,000 mark. As he pointed out, regulators are increasingly monitoring cryptocurrencies and their development, and several regulators have commented on cryptocurrencies this month.n
CCN recently reported that the chairman of the Securities and Exchange Authority of Israel has also joined the ranks of critics, calling Bitcoin a “bubble” and comparing the widespread need for cryptocurrencies to a 19th century gold rush. Although he is not optimistic about bitcoin, he called on Israeli authorities to adopt a “friendly” regulatory approach to ICO.n
The New Zealand Financial Markets Authority (FMA) also warned that potential investors should be kept away from a teens-initiated cryptocurrency investment project. Maria Vullo, head of New York State Department of Financial Services, told Bloomberg in an interview recently that the department knew all about Bitcoin.n
All of this is covered this month, and as Centeno points out, regulators are really focusing on bitcoin and the cryptocurrency ecosystem. As for Portugal, where Centerno served as finance minister, his central bank has made it clear that it is monitoring Bitcoin and is tough.n
Hélder Rosalino, a director at the Portuguese Central Bank, said Bitcoin is not a currency. However, CCN also reported earlier this year that Portugal wants to tax Bitcoin users despite a lack of rules. The agency also recently warned of a project called OneCoin to protect potential investors.n

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