ECB Board Member: Bitcoin and Ether Have No Intrinsic Value

IconCryptoNewsTerminal Staff10 Jul, 2024

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ECB Board Member: Bitcoin and Ether Have No Intrinsic Value

According to Cryptoglobe, at the Italian Banking Association's annual conference, Fabio Panetta, an ECB Executive Board member, stated that "Bitcoin and ether are not issued by any recognised authority and have no intrinsic value. They do not generate any cash flows and are created simply using computing technology. As such, unbacked crypto-assets are highly volatile and risky because nobody guarantees their value." Panetta emphasized that "Crypto-assets are often traded on unregulated platforms without any safeguards. It is not uncommon for them to be used for tax evasion or money laundering purposes. We also continue to see crypto-assets being used as speculative assets, akin to gambling."

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