Bitcoin No Threat Yet but Crypto ‘Phenomenon’ Needs Monitoring: European Central Bank

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.

Reference: https://www.ccn.com/ecb-crypto-bitcoin-phenomenon-monitoring

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Author: Neo Anderson

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