Just-In: European Central Bank Says Crypto Unsuitable As Store Of Value

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The European Central Bank (ECB) said on Tuesday that cryptocurrencies are largely unsuitable as an investment or a store of value.

The bank said if the current growth and market integration of cryptocurrencies persists, they could pose a bigger threat to the economy. But it still sees their popularity growing, especially among retail investors.

So far, despite volatility in the crypto market this year, it has not resulted in any major contagion to the real economy. But the ECB thinks this could change.

The ECB’s comments, which were released in a report, come shortly after President Christine Lagarde said crypto is “worth nothing.” The central bank has also previously derided crypto for its volatility and risks to investors.

ECB thinks crypto regulation lacking, investors vulnerable

A recent survey ECB shows that at least 10% of European households own crypto assets. Retail investors also make up a significant portion of crypto holders, according to the bank.

Regulation and Society adoption

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