Incoming ECB president Christine Largard says the bank needs to be open to the  “opportunities provided by change” when referring to cryptocurrencies

The new ECB president was addressing the ECB in her opening statement to the Economic and Monetary Affairs Committee of the European Parliament.

Other than the non crypto-related parts of the statement the incoming ECB president sounded optimistic about the future of financial technology.

However, she did sound a cautious tone when referring to some technological changes as she said:

“central banks and supervisors need to ensure the  safety of the financial sector, but also to be open to the  opportunities provided by change”  She went on to say “In the case of new technologies – including digital currencies – that means being alert to risks in terms of financial stability, privacy or criminal activities, and ensuring appropriate regulation is in place to steer technology towards the public good. But it also means recognising the wider social benefits from innovation and allowing them space to develop.”

I wonder how this is going to play out as she will be the head of the ECB for some time to come and during her time Facebook’s Libra will be released and I am sure cryptos will become more popular.