European Central Bank (ECB) Vice President Luis De Guindos stated he wants cryptocurrencies to be subject to the same rules as other assets. The statements were offered in a presentation given as part of the summer courses offered by the European Parliament, where De Guindos declared his opinion about cryptocurrency regulation. Cryptocurrency regulations are still in a grey area in most countries.
Crypto should follow the same laws as other assets.
Luis De Guindos, current Vice President of the ECB, stated he thinks crypto-assets should be regulated as any other asset in the market. De Guindos expressed his opinion during a series of summer courses sponsored by the European Parliament and the European Union. Specifically, on cryptocurrencies, he stated, “I would not prohibit them, but issuers must be required to follow the same conditions as those of other financial assets and avoid everything that has to do with money laundering or terrorist financing.” European central banks and several other central banks are actively working on CBDCs.
“Cryptocurrencies can be easily used for unlawful purposes due to their pseudonymous traits.”
To De Guindos, cryptocurrencies can be easily used for unlawful purposes due to their pseudonymous traits. De Guindos has always taken a skeptical posture when it comes to cryptocurrencies, which he calls “crypto-assets” because, in his view, they don’t work as valid payment methods. At the same time, he stated that these crypto-assets don’t impact the region’s financial stability. De Guindos also noted that these new tools don’t have an economic basis when compared to other more traditional assets. Earlier, he had stated that cryptocurrencies aren’t real investments due to the fragility of their value proposition.