European Central Bank Dismisses Crypto Ban Amid Regulatory Concerns

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Despite recent regulatory concerns after EU financial regulators warned consumers of the high risks of investing in cryptocurrency, president of the European Central Bank has said that it is not their organisations job to regulate Bitcoin. In a statement Draghi said:

‘Many of you posted questions about whether the ECB is going to ban Bitcoins or it’s going to regulate Bitcoins, I have to say it’s not the ECB’s responsibility to do that.’

Many have taken this as a green light for cryptocurrencies, with the markets surging following the news. The price of Bitcoin nearly broke $10,000, following the massive correction in early January that saw the price fall as low as $6000 on some exchanges.

Whilst it is good to see some of the FUD being reduced, we take the statement with a pinch of salt. Draghi has only said the ECB is not responsible for regulating Bitcoin, it makes no mention of other regulatory bodies.

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