The ECB is planning restrictions on the cryptocurrency market


Sep 21, 2017

The European Central Bank has on its plans the possibility to restrict the use of cryptocurrencies in the Eurozone

The highest staff in the European Central Bank (ECB) is discussing the possibility of introducing tighter controls on the use of cryptocurrencies in the Eurozone, the Governor of the Austrian Central Bank and member of the Council of the ECB, Ewald Nowotny, said.

Nowotny had already expressed in the past that Cryptocurrencies, and particularly Bitcoin, are not a safe option to store value. “The Bitcoin does not own the main feature that makes a currency good, namely, stability”, he added.

The rising concerns on cryptocurrencies come after China’s and South Korea’s decision to ban ICOs in their territories. As Nowotny explained, the virtual currencies in China were used to avoid internal regulations regarding money movement, something that Europe does not experience and a subject that does not alarm the continent.