The Dangerous Deception: European Central Bank Executive Exposes Cryptos Lack of Societal Benefits

By Lola Coin Jun 25, 202385Views

Fabio Panetta, a member of the executive board at the European Central Bank (ECB), has criticized digital assets, labeling them as dangerous and lacking societal benefits. Speaking at a panel on the future of crypto assets, Panetta argued that trading cryptocurrencies is akin to gambling. He urged lawmakers to scrutinize and regulate the industry rather than support it. Panetta stated that the crypto ecosystem is plagued with market failures and negative externalities, and further disruptions are inevitable without proper regulatory safeguards. He highlighted the limitations of digital assets, such as the difficulties in transferring them, their lack of intrinsic value, and the centralized infrastructure of the market. Panetta concluded that the public sector should focus on developing central bank digital currencies (CBDCs) and avoid providing state backing for cryptocurrencies.

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