ECB executive member Panetta: cryptocurrencies are a "generational bubble"

12/07 21:24

The European Central Bank's executive member Fabio Panetta has said that crypto assets, which promise to revolutionise the way people pay, save and invest, have become a "generational bubble", highlighting the need for stricter regulation and risk management in the market. "This highlights the need for stricter regulation and risk management of the market. Bitcoin has lost about two-thirds of its market value in the past year, confirming a long-held view among policymakers that products like Bitcoin are too volatile to be considered currency. Cryptocurrency assets, according to Panetta, have proven to be anything but money. Many are simply a new form of gambling.
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