Introductory statement and closing remarks by Mario Draghi, President of the ECB, Strasbourg, 5 February 2018
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Again on transparency, we publish on our website extensive documentation on all these interactions with markets. We disclose agendas and summaries of the discussions, so I can assure you that the ECB is, and remains, committed to reviewing, adjusting and updating our transparency framework.
One or two speakers touched on Bitcoin and other cryptocurrencies. Let me first say that we are not observing a systemically relevant holding of digital currencies by supervised institutions – by banks, in other words. Actually, the credit institutions established in the European Union are showing a limited appetite for digital currencies like Bitcoin, notwithstanding the high level of public interest. However, recent developments, such as the listing of Bitcoin futures contracts by US exchanges, could lead European banks too to hold positions in Bitcoin, and therefore we will certainly look at that.
However, we should understand that Bitcoin and other digital currencies are in the unregulated space and should be regarded as very risky assets. Virtual currencies are subject to high volatility and their prices are entirely speculative. Banks should measure the risk of any holdings of digital currencies in their portfolio accordingly. Right now, digital currencies are not subject to a specific supervisory approach. Work is under way in the Single Supervisory Mechanism to identify potential prudential risks that these digital assets could pose to supervised institutions.
There were some other specific points. We are going to consider the possibility of having a Charlemagne commemorative coin. On monetary financing in Hungary, we will assess the existence of monetary financing in our report. As you know, the ECB is accountable to the European Parliament, but members of its Executive Board, myself included, have accepted invitations to discuss our monetary policy generally and broadly in national parliaments, so I would be glad to accept an invitation from the Irish Parliament if I were to receive it.
I think I have gone through most of your questions. Thank you.