Bitcoin (BTC) and cryptocurrencies having a negative view of Fabio Panetta, board member of the European Central Bank (ECB)thinks that the cryptocurrency industry needs more scrutiny.
Panetta, who recently wrote a blog post, said that cryptocurrencies can be equated with gambling.
Pointing out that cryptocurrencies are not economically beneficial, the ECB member said after the last price movement. cryptocurrencies He claimed that it had a speculative nature and should be treated as a kind of gamble.
“Cryptocurrencies do not perform any social or economic useful function. They are rarely used for payments and do not finance consumption or investment.
As a form of investment, unsupported cryptos also lack any intrinsic value. These are speculative assets.”
Referring to the regulation of the crypto industry, Panetta pointed out that regulators should also take advantage of gambling laws when setting rules.
“Vulnerable consumers should be protected by principles similar to those recommended by the European Commission for online gambling. They should be taxed according to the price they impose on society.”
Panetta also argued that letting the industry burn on its own would not be an option, citing the risks posed by the crypto industry, and the urgency of regulation.
Panetta finally to counter the influence of private cryptocurrencies central bank digital currencies (CBDC) stressed the need.
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