ECB issue warning to EU that bitcoin must be regulated
GETTY Ewald Nowotny, a member of the ECB’s governing council believes the EU should regulate bitcoin
The cryptocurrency has jumped from $1,000 to $16,000 in this year alone. And the Chicago Board Exchange (CBOE) this month announced it would introduce Bitcoin futures trading. But banks are becoming more nervous that if the Bitcoin bubble does burst, the blame will be put at their doorstep as the currency was unregulated despite huge popularity. Ewald Nowotny, a member of the ECB’s governing council who is also Austria’s central bank governor said: “Simply because of the scale, it is certainly increasingly necessary to discuss whether and in what form regulations are needed here.
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“A particular aspect that needs to be discussed ...is the question of how far the regulations on money laundering ...are relevant here.” He added the matter would be down to the EU not the ECB. Last week when the ECB was accused of overstepping its authority regarding its involvement in the prevention of banks handing out ‘non-performance loans’. It was argued the EU should deal with this problem. Non-performance loans refers to an amount of money that has been borrowed which the debtor has not made his or her schedule payments for at least 90 days.