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Poison Ground from the EU Central Bank Crypto Statement!


Crypto coins began to see reactions from many fronts with the FTX collapse. His barely recovered image was seriously damaged. Due to the support for innovation and the advantages that innovative technologies can bring, there was a more moderate approach to cryptocurrencies last year. But with the recent FTX collapse, this is changing. Important explanations about crypto currencies have come.

Crypto Coins Were a Bubble

Panetta from the European Central Bank just described crypto currencies as a bubble that has come to an end in his statements. The ECB member, who said that cryptocurrencies should be taxed urgently, called for global regulation. He also underlined that the Central Bank Digital Currencies (CBDC) are the only solution.

ECB Member Panetta

European Central Bank (ECB) member Fabio Panetta said:;

“There is an urgent need for global cryptocurrency regulation. Only CBDCs can provide the necessary stability. Crypto assets should be taxed. Crypto coins are now a bubble that has come to an end”.

The European Union, which continues its work to regulate crypto currencies, does not have any announced ban plans. In general, we can consider these in the form of Panetta’s personal opinions. Many crypto companies have recently received licenses in the European Region and continue to provide services.

Are Crypto Coins a Bubble?

No, at least for the crypto currency as a whole, this phrase is not true. Dozens of crypto companies are working with the world’s largest brands on blockchain-oriented solutions. Examples of the use of blockchain technology, new products being developed and the foundation of the CBDC, which the states see as salvation today, were opened by cryptocurrency companies. We can consider many crypto money projects as new types of brands that “adopt crowdfunding”. For example, Chainlink is a leading blockchain Oracle solution in the field. Polygon provides consulting services to many companies, companies such as Ripple produce CBDC solutions to states. Bitcoin is seen as a global store of value. There are thousands of smart contracts on the Ethereum network that generate benefits and work.

There is also a side of crypto currencies that is really a bubble. There are a lot of formations that only sell dreams to people and show no significant progress, the only purpose of which is to buy and sell tokens. This existed many years ago, and they still exist. But the thing to know is that the industry is already getting rid of this garbage every few years. Projects that can’t really generate benefits go to zero and disappear when the investor can’t find anything to do to attract attention.

Although many popular names have made similar statements in the wake of the FTX collapse, we should remember what the CEO of JPMorgan said.

“Many of the cryptocurrencies look like garbage. But blockchain and smart contracts have a future”.

In other words, it is necessary not to mix garbage and diamonds together.

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