-
ECB's Panetta Warns of Risks of Unbacked Crypto-Assets
European Central Bank Governing Council member Fabio Panetta on Tuesday highlighted the risks associated with unbacked crypto-assets but said that stablecoins suffered from too many flaws to offer a solution to payment system deficiencies. In a keynote speech at the Asian Development Bank 58th Annual Meeting in Milan, Panetta, who heads Banca d'ltalia, said that inefficiencies to which cross-border payments were subject had led to new products like crypto-assets 'in order to provide a better solution to people's payment needs.' This promise, however, warranted being taken 'with a large pinch of salt, he said. End ... (full story)
