In the previous month, the condition of Bitcoin was so serious that it was titled as ‘horror show’ and ‘bloodbath’, prior being dubbed as ‘cryptopocalypse’. However, from that point of time, the major cryptocurrencies price has been increasing, though the crypto-markets are prone to wobbles and are highly volatile.



On 14th February 2018, the price of Bitcoin was around £6,340 ($8,800) that means around $400 increase in the Bitcoin price.





The President of ECB (European Central Bank), Mario Draghi said that regulation of Bitcoin is not the job of his organization. In addition, he also informed the people about risks that are associated with cryptocurrencies that are prone to crashes and dramatic surges.

Even governments are depicting their growing desire and setting new rules of regulating the cryptocurrency markets that are already witnessing price swings, heists series, and instant coins proliferation.

In a video, Draghi responded to the public questions by saying that regulation or banning digital currencies was not the task of European Central Bank (ECB).

He said, “Most of the people have posted questions like Will ECB ban the Bitcoins or Will ECB regulate Bitcoins.” Continuing the discussion, Draghi said, “I need to say that regulating the Bitcoin is the not the responsibility of ECB.”

Agustin Carstens (Head of International Settlements’ Bank) was called in the last week related to the central banks as he explained the cryptocurrencies ‘Ponzi scheme’ by restricting the access to financial infrastructure and banks.

In the month of March, the Chiefs of the largest Central Bank of the world might discuss this matter in the Buenos Aires at G20 meeting.

At the time of question from the public that he should purchase Bitcoin or not, Draghi said cautiously that “Frankly, this should be think carefully”.

Draghi said that the Bitcoin value had fluctuated wildly as compared to the Euro and other digital currencies that are not backed by public institution.

He further added that technology of public distributed ledger or blockchain is used to keep a track or to record the transactions and the technology is promising. Many benefits are expected from this technology, especially the possible usage of settling payments.

However, he cautioned that it is not that safe for usage by central banks.



Draghi said, “We have a keen interest in the technology, but still it is not much secure for central banks, hence we need to investigate more and take an insight.”

Past week, the Bitcoin price boomed post a hearing of US Senate digital currency that discussed the new laws, regarding the cryptocurrency volatility and prevent the usage of digital currencies from terrorists and scammers.