Cryptocurrencies Pose no Threat to the Economy, According to the European Central Bank
The European Central Bank (ECB) has published a report on digital assets. The document states that cryptocurrencies do not pose a threat to the EU economy. According to the staff of the ECB, the security of virtual currencies is due to three main reasons:
- The market share of virtual currencies in the financial system is relatively small;
- interaction between the crypto industry and other sectors of the economy is limited;
- European banks store a small number of assets in virtual currencies.
- their turnover is not regulated by the central bank;
- the asset rate is subject to a high level of volatility;
- business does not want to sell goods and services for virtual coins.