As the European Central Bank prepares to issue its digital currency, executive member Fabio Panetta gives a speech based on trying to dissuade the public from investing in cryptocurrencies.
A keynote speech by Fabio Panetta, member of the Executive Board of the European Central Bank, concentrated solely on describing what in his view are the fundamental flaws to be found in cryptocurrencies.
Panetta lays out what he perceives as the risks in three fundamental flaws.
Unbacked crypto-assets offer no benefits to society
The first perceived flaw is that crypto assets do not perform any useful function for society. Panetta states that they aren’t used for payments, they don’t fund consumption, they don’t help fuel production, and they don’t help to combat climate change.
He complains that cryptocurrencies aren’t backed, they are volatile, and they are unstable. He says that they are “notional instruments” and have no value for investors that buy them.
Panetta states that there
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