European Central Bank Member: We Aren't Ignoring Cryptocurrency

European Central Bank board member Benoît Cœuré says that the group is following bitcoin and other cryptocurrencies, but do not consider them threats.

AccessTimeIconNov 8, 2017 at 7:00 a.m. UTC
Updated Sep 13, 2021 at 7:08 a.m. UTC

Long active in evaluating blockchain technology broadly, a European Central Bank (ECB) official took steps this week to stress the institution is closely watching cryptocurrency.

In an interview published on Oct. 29, Benoît Cœuré, one of the central bank's executive board members, elaborated briefly on the bank’s views on the subject, telling Le Journal du Dimanche it is following their development and spread.

The ECB is not "ignoring" the spread of cryptocurrencies, he said. Yet, at present, he does not consider them a risk to the bank or the euro.

Cœuré told the organization:

"At the moment cryptocurrencies don't pose any monetary risk because the amounts involved are marginal. They are speculative financial instruments which create risks of a financial or even criminal nature."

Some nations are moving away from physical bills and coins to their own cryptocurrencies, so central banks, in general, are monitoring them closely, he continued.

In September, the ECB's president, Mario Draghi, said nations in the eurozone could not use their own cryptocurrencies, but instead every member state had to use the euro.

Draghi later said the ECB could not regulate cryptocurrencies.

Benoît Cœuré image via Wikimedia Commons

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Putin Weaponizes Inflation

Examining a recent propaganda speech from the Russian leader.

CoinDesk - Unknown
2
CoinDesk - Unknown
Morgan Creek Is Trying to Counter FTX’s BlockFi Bailout, Leaked Call Shows

FTX’s $250 million credit facility offer – if inked as initially proposed – stood to effectively wipe out all BlockFi shareholders, including Morgan Creek Digital, the firm told its investors.

CoinDesk - Unknown
4
CoinDesk - Unknown
A New Chapter of Web3: Solana Unveils Smartphone ‘Saga’; Moody’s Downgrades Coinbase

The most valuable crypto stories for Friday, June 24, 2022.

CoinDesk - Unknown