Mario Draghi, president of the European Central Bank, has said it’s not his institution’s job to regulate cryptocurrencies.
As part of the ECB’s #AskDraghi video series, the former Italian central banker said he has seen many users on Twitter ask if the ECB would regulate or even ban bitcoin.
In response, he said:
“It’s not the ECB’s responsibility to do that.”
Draghi also discussed whether he would recommend purchasing bitcoin in response to a question from a college student.
He indicated he would think “carefully” about buying bitcoin, explaining that he does not see it as a currency. While the euro’s value is stable, he added, “the value of a bitcoin oscillates wildly.”
Also hitting out at cryptocurrencies’ decentralized nature, he continued: “The euro is backed by the European Central Bank. The dollar is backed by the Federal Reserve. Currencies are backed by the central banks or their governments. Nobody backs bitcoin.”
This is not the first time Draghi has made such…