Ewald Nowotny urged the European Union to regulate Bitcoin


During the 2017 Bitcoin’s value jumped from $1.000 to over $16.000 and, as the crypto-currency popularity grows, Central Banks starts to worry over the consequences of a bubble burst. In a worst case scenario the blame will be put at the bank’s doorstep since bankers kept the currency unregulated despite the high demand.

Not for nothing Ewald Nowotny, president of the National Bank of Austria and member of the European Central Bank ’s governing council, on Monday urged the European Union to regulate Bitcoin: Simply because of the scale, it is certainly increasingly necessary to discuss whether and in what form regulations are needed here. A particular aspect that needs to be discussed …is the question of how far the regulations on money laundering …are relevant here,” he told a news conference.
“While even small lenders were subject to strict controls on money laundering, it made no sense that even large bitcoin transactions could proceed without similar checks”, he added.