ECB: Cryptocurrencies Are Not Dangerous For Global Financial Stability So Far
European central bank (ECB) published a report called “Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures” which considers potential influence of cryptocurrencies on economy.
It is also noted that the digital currencies can potentially influence financial stability only if they are used as substitutes, so they are no threat so far.
According to the authors, one of the main obstacles to acceptance of cryptocurrencies as money because of absence of a particular institution (for example, a central bank) which would back crypto assets.
ECB also notes that development of stablecoin market requires monitoring because the stablecoins may become less volatile.