The European Central Bank (ECB) thinks that governments should act faster on cryptocurrency regulation.
According to Bloomberg’s report, the European Central Bank argued that investors are at greater risk due to the growth of the crypto money sector. The bank also stated that government agencies should hurry on regulations.
According to regulatory research, crypto assets are in a position to pose financial stability risks. Due to the globalization of financial markets, digital assets directly affect financial systems. That’s why they need to be regulated.
The issue of rapid regulation of the cryptocurrency market came after the UST and LUNA collapse.
ECB President Christine Lagarde recently stated that cryptocurrencies are worthless and that they are quite “speculative”.
