ECB does not consider cryptocurrencies as a threat

The European institution issued a report where it explains why digital assets could not replace cash and deposits

This week, the European Central Bank (ECB) issued a report which ensures that cryptocurrencies have no influence on public monetary policies or the factor in the real economy.

Through the document entitled “Criptoactives: implications for financial stability, monetary policy, payment and market infrastructures”, they analyzed the impact of digital assets on economic development.

The ECB ensures that cryptocurrencies would have an influence on the economy if they become a clear substitute for cash and deposits.

The report’s support comes from the statements of ECB President Mario Draghi, who said that cryptocurrencies “are not significant enough in their entity to affect our economies in a macro way.”

The financial institution considers that the deployment of digital assets is still very limited, and that it only has a small number of merchants ready to adopt their use in the purchase and sale of goods and services.

K. Tovar

Source: Coincrispy

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