Cryptocurrencies have “not kept their promises” “. These are the words of Fabio Panettamember of the Management Board of European Central Banka European financial institution that prepares to launch a central bank digital currency (MNBC) within a few months.
Cryptocurrencies, “usual suspects” for Fabio Penetta
In the details and in this statement, Fabio Penetta invites regulate, but not to legitimize cryptocurrencies. It would therefore be do not encourage their development. THE stablecoins are no exception, on the contrary, they too are danger sign for the regulator.
At the same time, as the saying goes, friends of my enemies are my enemies, Panetta expressed the importance in his view of continuing to keep up the pressure on banks that work with crypto players, again emphasizing the money laundering risks. In his speech, Bitcoin and cryptocurrencies appear even as a gamea bet that investors are making:
“But the bursting of the bubble does not necessarily mean the end of crypto-assets. People love to gamble and investing in crypto offers them a way to do that. (…) Crypto valuations are highly volatile, reflecting the lack of any intrinsic value. This makes them particularly sensitive to changes in risk appetite and market rhetoric. Recent developments that have affected major crypto-asset exchanges have highlighted the contradictions of a system that, although created to counter the centralization of the financial system, has itself become highly centralized. »
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“We must resist the temptation to offer public support for cryptos”
Thus, facing the growing competition from Bitcoin (BTC) and cryptocurrenciescentral bankers including the ECB are in a hurry to release their own MNBCs. And Penetta following the direction of the wind, for his part expressed the need to counter cryptocurrencies “ deleterious by developing an MNBC to offset the rise of cryptocurrencies. What further clarify the intentions of the ECB therefore.
Thus, in a manicheism peculiar to Europe and at its Central Bank, Panetta pits virtuous MNBCs against risky, volatile and speculative cryptocurrencies. POW, POS, illicit and black market activities, code error and blockchain gap, it’s all there. Thus, faced with the growing interaction of institutions with cryptocurrencies, Panetta defends a centralized, secure MNBC that will promote the development of a European ecosystem.
“A central bank digital currency would provide a risk-free digital standard and facilitate convertibility between different forms of private digital currency. It would maintain the uniqueness of the currency and protect monetary sovereignty. We are moving forward with our digital euro project and aim to complete our investigation phase later this year. »
While MiCA is being built, the speech of this politician clashes, but is basically fitting with the policy led by Christine Lagarde, President of the European Central Bank. The latter was even more cautious than expected in the face of the launch of the digital euro for which ” nothing is decided yet “.
The speeches of the regulators follow each other and are therefore not alike. On the one hand, we have a timid Europe that continues to confuse cryptocurrency with terrorism, and on the other, especially in Asia, there are many countries that try to create an attractive environment for cryptocurrencies.
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