Anticipated President of the European Central Bank Clarifies Position on Crypto Jonathan Ganor 2019-09-10 07:24:27 611 views

Looks Like the Future of Cryptocurrencies in Europe Might be Bright

Regulations in the world of digital assets and cryptocurrency are hazy and unclear at best. The majority of countries around the globe have implemented some form of restrictions or regulations. Some regulations restrict trading or owning cryptocurrencies while others are more lenient. Regulations play a big part in the value of cryptocurrencies and their adoption.

European Cryptocurrency Regulations

Christine Lagarde is the current Chairman of the International Monetary Fund and leading nominee for President of the European Central Bank (ECB). In a statement to the current President of the ECB, Lagarde clarified the position she'd take on a wide array of issues. It included the topic of Bitcoin, cryptocurrency, and digital currencies.

"In this environment, central banks and supervisors need to ensure the safety of the financial sector, but also to be open to the opportunities provided by change. In the case of new technologies - including digital currencies - that means being alert to risks in terms of financial stability, privacy or criminal activities, and ensuring appropriate regulation is in place to steer technology towards the public good. But it also means recognising the wider social benefits from innovation and allowing them space to develop."

From this rather brief statement, one can see that Lagarde has a progressive stance on Bitcoin and cryptocurrencies. One can assume that Lagarde succeeds in landing the role of President of the ECB, regulations will not be too harsh. She is currently the leading nominee and is anticipated by many to replace current Mario Draghi.

Erkki Liikanen is another leading candidate for the role of President of the ECB. His position on Bitcoin and cryptocurrencies seem to be much harsher according to an article by CCN. While most anticipate that Lagarde will secure the nomination, surprises happen, as with the Trump 2016 election.

Cryptocurrency fans in Europe should cross their fingers that Lagarde secures the nomination.

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