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European Central Bank Policy Maker Calls Crypto ‘a Fairy-Tale Story’

“As previously reported, the ECB policy maker supported criticism from the President of the European Central Bank, Mario Draghi, of the establishment of an Estonian national cryptocurrency, Estcoin” writes Ana Alexandre for A member of the Governing Council of the European Central Bank (ECB) has warned that “the [cryptocurrency] bubble has already started to collapse,” Bloomberg reported Jan. 7.The central bank governor also emphasized concerns around financial stability, given the increase in links between digital assets and the traditional regulated financial sector. Dombrovskis said at the time that crypto assets are “here to stay,” and the crypto market still “continues to grow” despite “recent turbulence.”. In more ways than one, Bitcoin is the evil spawn of the financial crisis.” In contrast to Coeure’s statement, European Commission Vice President Valdis Dombrovskis stated in September that the European Union will focus on the development of crypto asset classification and regulatory mapping.

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