ECB discusses legal constraints for digital currencies

The European Central Bank is discussing the issue on the use of certain legal restrictions, as the hype around digital currency “dangerous and deeply doubtful,” said ECB Council member Ewald Nowotny (Ewald Nowotny) in an interview with the weekly Trend.

“Bitcoin is not a currency, it is highly speculative and volatile, not subject to any control, and the movement in the stock market over the recent period clearly gives to understand it. In China, there is a special problem because bitcoins are used as a means of withdrawal of capital and bypass the legal norms, and we at the ECB discussed the legal restrictions,” said Ewald Nowotny, Governor of the National Bank of Austria.

He did not disclose what it can be measures and what position the European financial controller will take in relation to the initial placement of coins (ICO). Many regulators believe that some tokens may be assigned to the securities and must be governed by the relevant rules.

However, in recent years the collection of funds through ICO was banned in China, then this path followed the South Korean authorities. In Switzerland, the regulator began checking some of the IPOs of coins.

Earlier warnings about the risks of investing in the ICO issued a number of regulatory bodies in several countries, including USA, UK, Gibraltar, Dubai and Malaysia.

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