The ECB wants immediate regulation of cryptocurrencies
After the proliferation of cryptocurrencies in the pandemic year 2020, their capitalization increased sevenfold in 2021 to €2.5 trillion. At the same time, the creation of new cryptocurrencies has been rapid, with 16 cryptocurrencies prevalent in the Eurozone, with Bitcoin and Ethereum dominating.
According to an ECB study included in the Financial Stability Report published today, the direct and indirect exposure of the financial system to cryptocurrencies is estimated at €1.3 trillion.
This amount is considered manageable, but the rate of rise of cryptocurrencies calls for immediate action – earlier than the planned implementation of the directive by the Commission in 2024.