Mario Draghi, president of the European Central Bank (ECB), has said that cryptocurrencies are not "mature" enough to be regulated.

Speaking at a press conference last week, CNBC reports, Draghi told reporters:

Guild of Guardians Built to 'Win' the Web2 Mobile Space: Game Director

13:18

Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO

05:10

Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny

04:07

The first video of the year 2024

40:07

The last regression video of the year 3.67.0

"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."

Making the comments in response to a question on the potential of cryptocurrencies, Draghi further said that one of the lessons of the financial crisis is to "cherish" the benefits of fintech innovations like bitcoin, while still paying attention to their "potential risks."

The comments follow his statement last month to the European Parliament's Committee on Economic and Monetary Affairs, in which he said that ECB does not have powers to regulate or prohibit cryptocurrencies.

STORY CONTINUES BELOW

Recommended for you:

While it seems Draghi plans to wait as the technology matures, Christine Lagarde, managing director of the International Monetary Fund (IMF), recently said that cryptocurrencies must be taken seriously as they have the potential to cause "massive disruptions."

Mario Draghi image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.