The current president of the European Central Bank (ECB) Mario Draghi is set to conduct a video question and answer session on February 12, 2018, with a select group of young people.
Fielding Crypto Questions
The questions are currently being determined, with some of them related to whether Mr. Draghi and the ECB believe whether the likes of bitcoin stands as a viable alternative to traditional fiat currencies.
The submission process is open to any Europeans who are between 16 and 35 years old. A set of guidelines which lay out what topics these questions can be related to, such as the levels of youth unemployment, the economic recovery in Europe, blockchain technology and cryptocurrencies and the probability of a new financial crisis occurring on a global scale.
The ECBY Youth Dialogue has organized the session as they are principally responsible for community outreach opportunities. This is an initiative that allows young people from a variety of backgrounds and countries to discuss critical issues in today’s world with ECB policymakers.
Although the bank has had a somewhat negative outlook on digital currencies, they still are keeping channels of communication open, and if there is a belief that they could be a positive influence on the economy, they most certainly would conduct the necessary analysis to assess any proposals.
Only One Currency in Europe
Estonia has been a nation that has embraced digital technologies such as blockchain and digital currencies. When they wanted to launch their own cryptocurrency, it was the ECB who sent them a warning saying that nations in the Eurozone were allowed to only have a single currency and that is the Euro.
Draghi is on record as saying that in their current form, he is of the belief cryptocurrencies are not a quality method of payment due to their fragile nature and the myriad side risks associated with them.
The Vice President of the ECB Vitor Constancio also labeled bitcoin as being an “instrument of speculation” and does not believe that it is a legitimate currency. He went on to say that he felt there was no threat posed by digital currencies to monetary policy or central banking as a whole.
Whatever the views of Mario Draghi and the ECB may be, this will undoubtedly be an event closely watched by those involved in the world of blockchain and cryptocurrencies.