ECB will closely monitor cryptocurrency transactions

The European Central Bank will improve the monitoring system for cryptocurrency transactions and will begin to track off-grid movements in order to better assess the potential risks of their use.

In the new report it is said that possible threats and side effects from digital currencies depend on their relationship with the real economy. Therefore, the organization decided to extend the study of this topic and conduct a deeper analysis..

The ECB points out that despite the public nature of blockchains, which provides transparency of transactions, decentralization and partial regulation of the industry makes it difficult to fully collect data. To some extent, this is due to off-network transactions on exchanges and the use of multi-level protocols by companies..

According to the authors, more careful observation will help systematize information, increase the reliability of data and help government agencies fight against trading platforms that contribute to money laundering..

ECB will closely monitor cryptocurrency transactions

ECB has long been concerned about growth popularity of cryptocurrencies, and its Chairman Mario Draghi considers them risky assets.

text: Ivan Malichenko, photo: GettyImages

ECB will closely monitor cryptocurrency transactions

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