Mario Draghi said: The European Central Bank (ECB) is paying close attention to distributed ledger technology (such as blockchain technology in the payment system) to avoid risks that will disrupt the market.
Draghi said at the hearing of the Economic and Financial Affairs Committee of the European Parliament: Through the use of blockchain technology, the most dynamic financial innovation field may have an impact on the payment processing process.
He also added:
In view of the rapid development of this field, it is necessary to continue to pay attention and evaluate the potential risks of applying new technologies such as distributed ledger (DLT) to payment, clearing, and especially settlement infrastructure. If different DLT methods are jointly established among different member states, it is likely to increase the risk of market fragmentation.
The European Central Bank and blockchainThis is not the first time that the European Central Bank has talked publicly about Bitcoin's distributed ledger technology.
Just last month the central bank also reiterated that it needs to determine the plan they follow to ensure that the regulatory rules will not disrupt the development of the blockchain. According to reports, the bank has sufficient reasons to support an effective payment and settlement system within the euro system.
Although Draghi expressed his caution in his recent speech on the technology, banks have been keen to support blockchain in the past.
The European Central Bank accepted blockchain technology in February last year and conducted a careful study of it. And further explore the potential and services it may provide to other central banks in Europe.
Not a fan of BitcoinAlthough the European Central Bank has shown a friendly attitude towards blockchain, it does not seem to be willing to accept Bitcoin.
The central bank stated in October that Bitcoin does not qualify as a currency, and even suggested that the European Parliament and the Council issue instructions stating that digital currencies should not be defined as legal currencies or currencies.
Interestingly, although the European Central Bank is worried about the volatility of digital currencies such as Bitcoin, a report released by the bank shows that virtual currencies do not pose direct risks to banks.
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