According to European Central Bank chief Mario Draghi, the cryptocurrency market is not yet fit for ECB regulation. He addressed the issue at a press conference last week, stating: “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”.

It is worth mentioning that the head of the ECB slightly shifted his tone, given the fact that he stated last month that the ECB does not have the authority to regulate cryptocurrencies. His new comments could be interpreted as him suggesting that ECB regulation of cryptocurrency is at least a possibility in the future.

Draghi recommends a tentative approach, stating that while the potential benefits of financial innovation should be cherished, a critical assessment of risks is also necessary.

In any case, regulatory involvement in Europe similar to Korea's ban of ICOs and China's ban of cryptocurrency exchanges seems very unlikely to happen in the near future.