The cost to society of an unregulated crypto industry is too high to ignore, writes Executive Board member Fabio Panetta in the ECB Blog. Regulators should treat trading in unbacked digital assets as they would gambling activities.
https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog230105~75d5aee900.en.html
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Panetta: Regulators must avoid falling prey to the crypto industry’s intense lobbying, steering clear of poor or incomplete regulation and the legitimisation of unsound crypto models
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Panetta: Crypto regulation and taxation won’t be enough. To build solid foundations for digital finance, we need a risk-free digital settlement asset. That’s why the ECB and central banks around the world are working on both retail & wholesale central bank digital currencies
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