Cryptocurrencies hold “no societal benefits,” and should instead be seen as a form of gambling, according to European Central Bank (ECB) board member Fabio Panetta.
He also made it clear that he believes digital assets lack intrinsic value because they are not backed by any central authority or institution, and therefore also lack trust.
This makes crypto “inherently highly volatile and unsuitable as a means of payment,” Panetta told the audience at the BIS’ 22nd Annual Conference in Basel, Switzerland.
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