Last month, European Central Bank president Mario Draghi made news in the cryptocurrency community when he told the European Parliament that the bank had no legal authority to regulate digital currencies. Draghi went a step further at a press conference last week when he declared that the technology has not yet matured to a level that would warrant regulatory consideration:
"With anything that's new, people have great expectations and also great uncertainty. Right now, we think that especially as far as bitcoins and cryptocurrencies are concerned, we don't think the technology is mature for our consideration."
Draghi also stressed the importance of maintaining a cautious approach to these new technologies. While he acknowledged that innovations like cryptocurrency offer many “potential benefits,” he also reminded the assembled reporters that there could be risks as well.
According to CNBC, Draghi said, "One of the lessons of the great financial crisis is that financial innovation, in this case it's financial and technology innovation... should be embraced with lots of attention to its potential risks.”