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  • “It is a high hurdle for a crypto-asset to satisfy the definition of a currency,” Lane.
  • G7 group to present initial finding on Facebook’s Libra on July 17.

The European Central Bank’s official Phillip R. Lane this afternoon engaged followers on Twitter in a conversation dubbed AskECB. “I’m here to answer your questions for the next 45 minutes. Please use #AskECB to join the conversation,” wrote Lane on Twitter.

While the questions were generally focused on the euro, Lane responded to a couple of question regarding cryptocurrencies. While replying to a question seeking his view  on “Structured CryptoCurrency Investments – Debt guaranteed securities, offered by Investment banks, linked to CryptoCurrency indices, hedged with cryptocurrency futures, are a credible way to invest in the crypto-payment space?” he said:

“We are not here to give investment advice – remember, you invest at your own risk. By the way, it is a high hurdle for a crypto-asset to satisfy the definition of a currency.”

Another question was with  regards to the recently announced Facebook’s crypto asset Libra and how the ECB is planning in terms of future regulation of cryptocurrencies.

“Benoît CÅ“uré, my colleague on the ECB’s Executive Board, leads the G7 working group on stablecoins. The group will present its initial findings on 17 July.”

In addition to that, Lane replied to a question whether ECB plans to add Bitcoin to its reserves saying that “No. Bitcoin is not a currency, it rather is an asset and it is very volatile.”