ECB Reiterates its Anti-crypto Stance
Main page News, Central Banks, Cryptocurrency
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23 February

The ECB has just reaffirmed its stance against cryptocurrencies despite recent market optimism.

The institution remains unconvinced by the SEC's recent approvals of spot Bitcoin ETFs.

On February 22, Ulrich Bindseil, managing director of the ECB's Market Infrastructure and Payments division, and Jürgen Schaaf, an advisor in the same division, published a blog post on the ECB's official website entitled "ETF approval for Bitcoin – the naked emperor’s new clothes."

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In the post, the authors reject the idea that the approval of spot Bitcoin ETFs in the US is proof of the safety of BTC investments and that the coming rally is an unstoppable success.

These argue that the fair value of Bitcoin remains zero, stating:

"For society, a renewed boom-bust cycle of Bitcoin is a dire perspective. And the collateral damage will be massive, including the environmental damage and the ultimate redistribution of wealth at the expense of the less sophisticated."

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