ECB Executive Board Member: Unsecured Crypto Assets Lack Intrinsic Value and Should Be Regulated Like Gambling

ECB executive board member Fabio Panetta stated in the ECB blog that unsecured crypto assets, as a form of investment, lack intrinsic value and are speculative assets, “Investors buy them with the sole purpose of selling them at a higher price. In the digital age, unsecured cryptocurrencies will likely continue to be tools for gambling.” Fabio pointed out that regulators should treat unsecured digital asset transactions like gambling activities, and regulators must avoid becoming victims of intense lobbying by the encryption industry.