Ewald Nowotny, ECB: what if we repeat China’s regulative experience?

Here’s a noteworthy statement from Ewald Nowotny, who is the member of the governing council of the European Central Bank:

“We’re asking ourselves if legislators or central banks should intervene, as happened in China where they banned (the use of cryptocurrencies) because they consider them fraudulent.”

However, he quickly added that the modern cryptocurrency market would not harm anything seriously, as its capitalization is incomparable to bigger spheres: “This market is not so large, so it cannot create financial instability.”

Some observers decided that this is bad news for all European cryptocurrency traders and exchanges, but right now, it looks much more like a theoretical chit-chat.

Meanwhile, the European Commission publishes a big guide on how to use the blockchain technology for educational purposes. Interesting applications: receiving payments from students via blockchain, permanent security of certificates in case the whole country’s educational system collapses like in Syria. The Commission is aware that most blockchain projects are currently in their pilot stage.