The European Central Bank (ECB) has found that crypto does not pose risks to financial stability in the Eurozone. The central bank does recommend, however, that European legislatures create a uniform approach to crypto-assets.
The ECB has set up an advisory committee called the Crypto-Assets Task Force (ICA-TF) to examine the ramifications and impact of cryptocurrencies on the European economy. Their May 2019 report, “Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures”, has some interesting findings.
The Task Force found that, at the current market size, crypto assets do not represent a threat to the European economy or Euro area monetary stability.