The Commissioner of the European Union plans to hold a meeting of stakeholders from the public and private sectors to discuss the impact of cryptocurrency in central banks.
In his speech at a press conference for the Economic and Financial Affairs Council (ECOFIN) on Tuesday, Vice President for Euro and Social Dialogue Valdis Dombrovskis said that he plans to discuss this issue with a group of officials and representatives of the private sector who have not yet taken place. Dombrovskis was quoted as saying:
"Cryptocurrency operations can have consequences for many other areas, including central banks. That is why I intend to unite key bodies and the private sector at a high-level roundtable as soon as possible in order to assess the long-term situation beyond current market trends. "
Several countries conduct researches on the idea of a digital currency issued by the central bank, including central banks from the United States, India, and Canada.
Nevertheless, the potential participation of central banks in cryptothermia was obtained with mixed reactions. While some predict that central banks will buy cryptoconversion to maintain their foreign reserves, others argue that the goals of bankers and buyers of crypto-currencies are too scattered for central banks to involve themselves beyond regulatory measures.
Although it is not yet clear where such discussions will take place, the role of Dombrovskis in EU structural reform and financial market regulation signals that these negotiations can lead to further regulatory actions.
During the press conference, Dombrovskis confirmed the EU's interest in adopting blockade technology, as well as its intention to adopt a more aggressive regulatory approach to crypto-currencies in order to curb "illegal behavior."