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    Home » ECB Board Member Panetta Pushes for Globally Coordinated Regulations of Crypto
    Crypto News

    ECB Board Member Panetta Pushes for Globally Coordinated Regulations of Crypto

    April 25, 20221 Min Read
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    A board member of the European Central Bank is pushing crypto regulation to be aligned across the world to mitigate a potentially huge collapse.

    • Executive Board Member Fabio Panetta stated that crypto requires a stricter regulatory burden since it is yet to deliver on its promised philosophy of truly decentralized, trustworthy money.
    • Panetta further cautioned that crypto-assets are bringing about instability and insecurity, the exact opposed of what they promised, noting “they are creating a new Wild West.”
    • The board member called for the unification of standards between cryptocurrency and the traditional finance sector, setting the bar even higher for crypto.
    • At $1.3 trillion, the crypto market is bigger than the sub-prime mortgage was during the time of its collapse and they share similar dynamics.

    Panetta also cited energy and environmental issues over proof-of-work mining as well as the potential use of crypto as a tax evasion and sanctions evasion tool.

    BTCUSD down -0.79%, ETHUSD down -1.39%

    Source: European Central Bank

     

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