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Mario Draghi: “Cryptocurrencies don’t have a strong influence on real economy”

Mario Draghi: “Cryptocurrencies don’t have a strong influence on real economy”

The President of the European Central Bank (ECB) Mario Draghi wrote a letter to the European Parliament announcing that cryptocurrencies don’t influence the global financial system significantly.

One of the most respected people in the world of finance Mario Draghi admits that although cryptocurrency market cap has risen substantially, he doesn’t see the increase in its influence on real economy. However, he explains that such risks remain. In such a case, the regulator will have to take immediate action. The most efficient result can be achieved in case of international coordination only.

Nevertheless, ECB is more of an observer now. The regulator monitors virtual currencies and ICO.

“An increase in the usage of cryptocurrencies is conceivable. It is thus important to monitor the take-up of cryptocurrencies from a financial stability perspective. Transparency on the number, structure and scope of cryptocurrencies is key in this regard. The Eurosystem therefore intends to continue monitoring the volumes traded and exchange rate dynamics of the most important cryptocurrencies, as well as their links to the “traditional” financial sector,” said Draghi.

 

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