ECB Chief: Bitcoin Not ‘Mature’ Enough for Regulation

Read more on this subject: Central Banks/Banking
News Story Source: https://www.cryptocoinsnews.com, Josiah Wilmoth
As reported by CNBC, the ECB president made these comments during a recent press conference, stating that the bank is cautiously observing the development of bitcoin and other fintech products. He explained that innovation should be "cherished for its potential benefits" but also "critically assessed" for risks.

However, Draghi says that, at present, cryptocurrency technology is still too immature to warrant official ECB analysis and regulation:

"With anything that's new, people have great expectations and also great uncertainty. Right now we think that especially as far as bitcoins and cryptocurrencies are concerned, we don't think the technology is mature for our consideration," Draghi said.

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