Fabio Panetta is an executive board member of the European Central Bank (ECB).
The official stated that the immutability of blockchains is a negative feature of the field.
European Central Bank (ECB) executive board member Fabio Panetta has cast a gloomy future for crypto, linking it with gambling among traders. The official said that crypto assets should be regulated as a kind of gambling due to their “highly volatile” character.
In prepared comments for a panel discussion at this year’s Bank for International Settlements Annual Conference on June 23rd. Panetta predicted that the cryptocurrency market’s reputation as a “robust store of value” started to erode somewhere between the end of 2021 and the beginning of 2022. When it dropped by more than $1 trillion in value.
The ECB official stated:
“Due to their limitations, cryptos have not developed into a form of finance that is innovative and robust, but have instead morphed into one that is deleterious. The crypto ecos
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