European Central Bank Governing Council Nott said that there are restrictions on the actual regulation of cryptocurrencies, which makes the issue very complicated. It is recommended that national officials should cooperate and coordinate across borders.
“Investing in cryptocurrencies is a high risk activity. Cryptocurrencies have never operated in a regulatory vacuum. In fact, some regulations already exist. We’ve been strengthening these regulations for the economic activity of these cryptocurrencies. These activities are largely not that different from traditional financial activities, which are regulated. It’s the same activity, the same risk, the same regulatory principles. This is the basic principle of our proposed standard.”
In addition, Weinote said that the ECB emphasizes that the digital currency industry should protect the rights and interests of consumers, including privacy and data security.
For stablecoins, the ECB is concerned about the emergence of more regional stablecoins around the world. Therefore, a regulatory regime applicable to the global stablecoin mechanism has been established. Confident that we can control cryptocurrency stability risks.