Mario Draghi, president of the European Central Bank (ECB), has indicated that his institution does not have the authority to regulate cryptocurrencies. Making his statements to the European Parliament’s Committee on Economic and Monetary Affairs, Draghi said that “it would actually not be in our powers to prohibit and regulate” bitcoin and other digital currencies.
Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 25 September 2017
A year ago, we were discussing together the moderate pace of the recovery in the euro area. We were witnessing a slight loss of momentum and assessing the impact of the UK referendum. Over the past 12 months, however, the recovery has accelerated and broadened, supported by the pass-through of our monetary policy.
In my remarks today I will discuss the current economic outlook and the impact of our monetary policy measures. At the request of the committee, I will focus in particular on two topics related to the ECB’s monetary policy, namely the corporate sector purchase programme (CSPP) and monetary policy implementation across the euro area.