ECB calls for crypto regulation, expedited CBDCs deployment

European Central Bank (ECB) Executive Board member Fabio Panetta published a post in the ECB blog emphasizing the need for regulations in the crypto industry.

“We can’t afford to leave cryptos unregulated.”

Crypto Concerns

Panetta described unbacked crypto assets as speculative assets that lack any intrinsic value. Since investors only buy these assets to sell them at a higher price, Panetta says, “they’re a gamble disguised as an investment asset.”

“Regulators must walk a tightrope. LIke Ylysses, they must resist the beguiling crypto sirens to avoid falling prey to the industry’s intense lobbying.”

Panetta cited the EU’s regulatory framework on Markets in Crypto Assets (MiCA), urging that it needs to be implemented as soon as possible.

Call for CBDCs

Regulation and taxation are necessary but not enough to “sufficiently address the shortcomings of crypto,” according to Panetta.

“By preserving the role of central bank money as the anchor of the payment system, central banks will safeguard the trust on which private forms of money ultimately depend.”

Journalist at CryptoSlate

Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.

Connect your wallet, trade with Orion Swap Widget.

Directly from this Widget: the top CEXs + DEXs aggregated through Orion. No account, global access.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

..

Read More

About The Author

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *