ECB Doesn´t have any authorization to regulate CryptoCurrencies
Mario Draghi, President of the European Central Bank (ECB), just recently stated that the ECB doesn´t have any authorizations to regulate Bitcoin in any way. To be precise he stated the following on this topic after being asked on the ECB´s approach on CryptoCurrencies by a Committee member:
“Certainly it’s not within our powers to prohibit or to do something of the nature … or to regulate bitcoin ..., but we didn’t have a discussion on an institutional view of cryptocurrency."
Besides that he as well mentioned that the ECB didn´t discuss anything in regards to CryptoCurrencies so far but that they´d do just like with any other financial innovations in case the topic would come up at a later point. Basically this means that they´d examine the technologies scale, usage and impact on the European economy as well as eventual risks like cyber attacks, which they seem to be very afraid of.
It may be questionable why the ECB didn´t initiate any discussions on CryptoCurrencies yet, especially after the latest news from China or other countries around the world. But at least it seems like they are open to approach the topic open minded.
(Source - Cryptocoinsnews.com)
Will Europe be a Crypto-Chaos?
With the ECB being unable to call some general shots in regards to a regulation of the CryptoCurrency market it seems like every country has to do so on its own. That being said we might find a huge Chaos of different Regulations within Europe within the next months.
Especially in regards to ICO´s, which are in my opinion definitely completely out of control, there should very soon be strict regulations introduced in Europe and all other countries around the world as we might otherwise see a big loss in the trust of the general public in regards to cryptos in general.
Anyways we are really living in exciting times or like I´ve read somewhere before, in a huge fight of currencies. Some Countries are more open minded just as Japan and Malaysia, who might legalize Bitcoin as well eventually in the near future. Other countries are quite the opposite though like China, who just recently banned all domestic Crypto Exchanges.
Let´s see what the future holds for all of us :)
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The EU and it's institutions are finding themselves increasingly out of step with the trajectory of the world, and must either reform, or find their geopolitical influence decline.
They should definitely catch up pretty fast or they'll be years behind...
Who remembers
Once Spherius is realised by only few... There will be no going back.
So you have the central banks and the old POWER model 2 dimensions.. and then you have the spherius! Spherius is what happens when you can decentralise networks!
Nice post! I wrote in my earlier post that most cryptocompanies will go bankrupt, similar to dot.coms in the 1990s. Nevertheless, the market cap of the whole cryptospace should continue to exponentially rise even should ICOs run amok, much as dot.coms did in the late 90s leading to the market top in March 2000.
But just because the bubble burst and a huge loss of confidence in the internet set in, that did not spell the end of internet dot.com stocks. Compare how much dot.coms are worth today to how little they were worth even at the height of their bubble in the year 2000. Amazon today has a market value of $461 billion. Other dot.coms joined the fray in later years such as Facebook (mkt cap $500 billion), Netflix $78 billion and Google $675 billion.
I don't think it will actually burst. The money will just shift to some few coins and a lot of the others will simply die.
Thats tight!! More awesome news for us!!
I agree that ICO's are out of control and definitely need regulation. Regulation on ICO's will help cryptocurrency grow even farther I believe! Europes stance on bitcoin is a profound one compared to here in America where I have to pay a capital gains tax of 20% on bitcoin. I think europe may be looking for a way out in cryptocurrencies since their issues financially have grown exponentially.
Cheers
Dante
Regulation will most probably mean mlre mass adoption as it's all officially licensed etc.
The legislation for crypto is bound to happen. The more money there will be poured in this market, the anxious regulators become.
Also with the various scams going on, it is in the government's interest to do something about it.
I am curious which country will be the first to have clear rules for crypto!
There is actually already one country having clear rules being Japan. They legalized Bitcoin as an official Payment option and just recently made all Bitcoin Exchanges to register with the officials in order to become licensed in the finance sector.
Hmm I know they legalized it, but with full rules and stuff? I need to look into that
Thank you for your sharing.
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A too difficult problem to solve for the EU. So, do not even try. LOL
Haha, that might actually be true :)