ECB May Limit Cryptocurrency Trading Like China
European Central Bank board member Ewald Novotny said lawmakers and bank representatives are discussing the possibility of regulating the cryptocurrency market, including bitcoin, following the example of China. Writes about it Reuters.
“We are wondering if legislators or central banks should step in, as they did in China when they introduced the ban because they saw [in cryptocurrency trading] signs of fraud,” said Bank of Austria Governor Novotny during a speech at a conference in Florence..
Recall that in September, the Chinese authorities sharply limited the possibilities of exchange trading in cryptocurrencies, citing the financial risks associated with highly speculative instruments, the rates of which began to grow rapidly this year..
However, Novotny admitted that it is not worth overestimating the risks of cryptocurrencies.
“This market is not that big, so it cannot create financial instability,” he said, adding that investors need to understand what they are dealing with..
“It’s like buying stock on the stock exchange … People who invest in this product can lose money. If this happens, they should just accept it, ”added Novotny.
Recall that Novotny had previously said that the ECB may impose certain restrictions on cryptocurrency trading due to the “danger and doubtfulness” of this market.
Photo: Marian Weyo
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