Crypto: Are Cryptocurrencies Destabilizing Our Financial System?

Cryptocurrencies such as Bitcoin have secured a permanent place in the world of finance, even with traditional banks: Only this morning there was the message that savings banks want to enable their customers to trade in cryptocurrencies as early as next year. This development is controversial among experts. While some see the interdependence as an asset to traditional markets, it is described as a danger in the ECB’s current financial stability report, for example.

The digital euro is seen as a reaction by the ECB to the increasingly established Bitcoin and other crypto currencies. This should actually be introduced in the coming years. In today’s episode, we discussed what motivates the ECB to become active here and whether cryptocurrencies can destabilize the financial system. Jürgen Schaaf from the ECB, Kristina Walcker-Meyer, head of the Nuri crypto bank and Joachim Schmalzl, board member of the German Savings Banks and Giro Association, were our guests.

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