FTX’s collapse will lead to crypto assets moving to decentralized exchanges, Panetta believes.
He advised policymakers worldwide to ban digital assets with huge environmental impacts.
Panetta called for harmonizing taxation policies around cryptocurrencies, stressing that doing so reduces environmental costs.
In addition, the official said authorities must address tax evasion issues and illicit cryptocurrency use.
As a result of the FTX saga, Fabio Panetta, a member of the executive board of the European Central Bank (ECB), believes more investors will now begin to move their crypto assets from centralized to decentralized exchanges.
Panetta, in a December 7 statement for the Insight Summit at the London Business School, said this development might ferment new risks owing to the absence of a central governance body in decentralized exchanges.
Crypto-assets have become the bubble of a generation, says Executive Board member Fabio Panetta at the @LBS’s Insight Summ
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