ECB Council member confirms talks on regulation of cryptocurrencies

China has already banned the trading of cryptocurrencies 

- for Beijing, Bitcoin and Co. are only speculative objects. The eurozone is now also talking about a stronger regulation of cyber money.

FlorenceAfter the trading ban on crypto exchanges in China, a harsher pace in dealing with Bitcoin & Co. is also being considered in the Eurozone and on international committees. ECB Governing Council member Ewald Nowotny said Thursday that lawmakers and central banks are currently discussing regulation of crypto currencies.


China has put a stop to cyber money exchanges because the Beijing leadership considers them to be fraudulent, said the head of the Austrian central bank at a conference in Florence. However, the European Central Bank (ECB) sees no possibilities for itself to enforce a ban or regulation of Bitcoin. It was not in the power of the ECB to prohibit or regulate bitcoins, Fedchio Mario Draghi had said at the end of September in a hearing before the European Parliament.

Chinese authorities banned the Beijing-based crypto exchanges in September. In doing so, they wanted to contain the financial risks that the highly speculative and recently rapidly growing market entailed.