ECB President: “Stablecoins and cryptoassets are not suitable for replacing money”

ECB President: 'Stablecoins and cryptoassets are not suitable for replacing money'

European Central Bank Chairman Mario Draghi believes that stablecoins and cryptoassets have not yet become a popular means of payment, as they are not a suitable substitute for money..

In his letter to MEP Eva Kaili, Mario Draghi indicated that the European System of Central Banks is closely watching the development of the crypto industry. According to him, the ESCB analyzes crypto assets and stablecoins to understand their potential impact on monetary policy, market infrastructure and economic resilience..

Although he is positive about the introduction of new technologies, he believes that in general these assets do not have great value and have not yet become widely used in the financial sector, since they are not a suitable substitute for money. However, noting that due to the continuous development of the crypto industry in the future, this point of view may be revised.

Mario Draghi also considered the prospects for launching a digital analogue of the euro. He said that for this project, the technical part is not a problem, but the usefulness of the asset in terms of the ratio of costs and benefits for citizens is questionable..

According to research ING bank, 32 Europeans are confident that cryptocurrency will become the basis for online payments of the future, and 27% are already ready to constantly pay it.

text: Ivan Malichenko, photo: fxteam

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