​​​​The ECB representative and CBDC supporter called the crypt | NFT 4️⃣ U

​​​​The ECB representative and CBDC supporter called the cryptocurrency a Ponzi scheme

ECB representative Fabio Panetta believes that new global standards are needed to regulate crypto assets, as well as higher taxes due to significant energy consumption

According to him, crypto assets are harmful to society and have no social or economic value:

"CRYPTOCURRENCIES ARE SPECULATIVE ASSETS THAT CAN CAUSE SERIOUS DAMAGE TO SOCIETY. THEY EXIST DUE TO GREED AND THE ARRIVAL OF NEW PEOPLE WHO HOPE FOR THE SMOOTH OPERATION OF THIS SCHEME. BUT THE BUBBLE MAY BURST"

Panetta compared the dynamics of the development of cryptocurrencies with the Ponzi scheme and drew parallels with mortgage loans that caused the financial crisis of 2008:

"WE SHOULD NOT REPEAT THE SAME MISTAKES. CRYPTO ASSETS SHOULD BE USED ONLY WITHIN CLEAR, REGULATED BOUNDARIES AND FOR GOOD PURPOSES FOR SOCIETY"

Panetta is an ardent supporter of the release of the digital euro, which will help move private stablecoins like Tether (USDT) on the market. According to him, crypto assets are too volatile, and transaction processing takes too much time, so they are not suitable as money. In addition, they are a potential means to circumvent financial sanctions, and can also harm investments and contribute to climate change.

The official believes that cryptocurrencies should be taxed like other financial instruments, and higher rates should be applied to PoW-based assets. He also called for the expansion of anti-money laundering regulations, including for p2p payments, although these steps may slow down innovation and harm privacy.