Portugal’s Finance Minister Confident Regulators Are Overseeing Bitcoin’s Impact

Mário Centeno, president of the Eurogroup and Portugal’s Finance Minister, recently stated that he’s confident European regulators are overseeing the “general picture,” when asked if he is worried about the potential impact of bitcoin on Eurozone’s financial stability.

In an interview with Bloomberg, Centeno stated that European regulators, as well as other regulators throughout the world, are aware of the cryptocurrency, and are following its development. He added that, as a Minister of Finance, he is “confident they are overseeing the general picture.”

Centeno then addresses concerns of bitcoin being a bubble, by merely stating that it wouldn’t be pleasant and that he thinks regulators now are more aware, presumably than what they were back in 2008. He stated:

“If we go again into trouble with some sort of bubble in the financial markets, that would be not a pleasant [sic] outcome at this stage. I think that regulators now are much more aware of that and they will be doing their job.”

Centeno’s words come at a time in which bitcoin hits a new-all time high, and starts eyeing the $20,000 mark. As he pointed out, regulators are increasingly overseeing the cryptocurrency and its development, so much so that this month various regulators already weighted in on the cryptocurrency.

As recently reported by CCN, the chairman of the Israel Securities Authorityjoined the bandwagon of critics calling bitcoin a ‘bubble’, as he likened the sweeping demand for the cryptocurrency to the 19-century gold rush. Despite his stance on bitcoin, the regulatory chief called for Israeli authorities to take a “friendly” regulatory approach to ICOs.

The New Zealand’s Financial Markets Authority (FMA) has also issued a warning for potential investors to stay away from a teen’s NZD$220 million cryptocurrency venture. The superintendent of the New York Department of Financial Services, Maria Vullo, recently told Bloomberg in an interview that the department keeps on top of bitcoin.

The above instances were all reported this month, and reveal that regulators are indeed keeping an eye on bitcoin and the cryptocurrency ecosystem, as Centeno pointed out. In Portugal, where Centeno is the Minister of Finance, the central bank has also made it clear it’s monitoring bitcoin, and isn’t friendly towards it.

Hélder Rosalino, a director at Banco de Portugal (BdP), the country’s central bank, stated that bitcoin isn’t a currency. Despite his views, CCN has earlier this year revealed that Portugal wants to tax bitcoin users, despite a lack of regulations. Regarding OneCoin, the financial regulator recently issued a warning to protect potential investors.