Strong messages regarding cryptocurrencies came from the Insight Summit 2022 event organized by the London Business School AQO Asset Management institute.
Fabio Panetta, member of the Board of the European Central Bank, spoke at the event on “the bursting of the crypto bubble and the future of digital finance”.
Reminding that there is an urgent need for legal regulations regarding cryptocurrencies, Panetta described crypto as “a bubble doomed to burst”.
Stating that the social costs should also be calculated in the calculation of the tax burden on cryptocurrencies, Panetta said that “crypto assets should be calculated according to social costs”.
According to Panetta, stability in the crypto space can only be achieved with digital currencies (CBDC) to be issued by Central Banks.
“Cryptocurrency regulations must be introduced urgently.
Only CBDCs can provide stability.
Cryptoassets should be taxed according to their social costs.
Cryptocurrency is a bubble destined to burst.”
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