How well do the powers that be really understand crypto? The ECB's Fabio Panetta had a lot to say.
than $1 trillion. According to the ECB official, the “highly volatile” nature of crypto assets made them suitable for gambling, and should be treated as such by global lawmakers.
“Due to their limitations, cryptos have not developed into a form of finance that is innovative and robust, but have instead morphed into one that is deleterious,” said Panetta. “The crypto ecosystem is riddled with market failures and negative externalities, and it is bound to experience further market disruptions unless proper regulatory safeguards are put in place.
Crypto has relied on constantly creating new narratives to attract new investors, but has failed to deliver on its promises. Policymakers should be wary of supporting an industry that has so far produced no benefits for society.
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