European Central Bank

It is unlikely that a crackdown on fossil fuel cars will exclude Bitcoin mining, says ECB Research.    The European Central Bank recently released a new research paper suggesting that Bitcoin could be restricted along with fossil fuel vehicles. The article, posted on Tuesday, refers back to reports that emphasize the high rate of energy consumption in the crypto industry. These reports, as often repeated, indicate that PoW mechanisms like Bitcoin consume enough electricity to conveniently power mid-sized countries like…

The European Central Bank (ECB) calls on EU lawmakers to confer it with total control over stablecoin issuance within the region. Reuters reports today that the ECB, via a legal opinion issued on February 19, requested to be given the exclusive right to determine whether a stablecoin will launch within its jurisdiction.  The ECB noted that if stablecoins are not strictly supervised, it could negatively affect the eurozone’s existing payment system.   “Where an asset-reference arrangement is tantamount to a payment…

The unfriendly relationship between cryptocurrencies and central banks doesn't look like it's ending soon. In a recent interview with Bloomberg,  the governor of the Central Bank of Ireland, Gabriel Makhlouf, warned the general public about the risks of investing in crypto assets, bitcoin in particular. Mirroring the same warnings the United Kingdom's Financial Conduct Authority made recently, Makhlouf said he supports the UK regulator, noting that those investing in Bitcoin should be "prepared to lose all their money."  Although the…