Pedro Luis Martín Olivares - The European central banks defoliate the flower when trying to decide whether or not to regulate cryptocurrencies.
Indeed, an official of the Governing Council of the European Central Bank (ECB), Ewald Nowotny, recently noted that this institution is debating with the parliament and other central banks of the bloc if they decide to establish regulations or use legal restrictions on the digital ecosystem.
Indeed, the Austrian economist who has been capent with this financial tool remarked that one must ask if legislators or central banks should intervene, as happened in China, when they imposed a ban after seeing signs of fraud (in the cryptocurrency trade).
Now, the ECB Governing Council expressed last October during a hearing in the European Parliament that it was not among its jurisdictions to regulate or prohibit cryptoactives and that there was no debate on this issue.
However, he disagreed when Estonia announced that it would create its own digital currency, the estcoin, handling as evidence that the only currency that can be issued by a European Union country is the euro.
In fact, at the beginning of the second semester of this year, Mario Draghi, president of the ECB, communicated by means of a letter to the Parliament that after carefully examining the reports (2012 and 2015) of the institution against the virtual currency schemes (VCS), to the outcome that although the capitalization of these in the market had increased, there was no evidence to suggest an optimal strengthening between finance with cryptocurrency and the "real" economy.
Similarly, warned that a collection of risks arising from VCS could be reflected in the short term, so a more direct regulatory response is urgently needed.
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