European Central Bank releases paper on cryptocurrencies’ implications for financial stability

European Central Bank, the central bank for Europe and the entity that administers the monetary policy of the EU countries, released an occasional paper titled ‘Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructure.’

Under the section ‘Potential implications for monetary policy,’ the bank stated that Bitcoin [BTC] and other cryptocurrencies currently do not “fulfill the functions of money.” It also stated that digital currencies do not pose a “tangible impact on the real economy” and that they do not have “significant implications for monetary policy.” However, the bank mentioned that this situation could change if cryptocurrencies were to be considered as “credible substitutes for cash and deposits.”

Read More at AMBCrypto...

Antminer Banner.png