RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home Banking

ECB warns that unbacked crypto assets represent a risk to financial stability

Rate Captain by Rate Captain
May 24, 2022
in Banking, Business
Reading Time: 1 min read
A A
0
European Commission Proposes a Halt in Ukrainian Export Duties
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The European Central Bank (ECB) stated that unbacked crypto-assets pose a risk to financial stability.

The bank said it conducted “a deep dive into crypto-asset leverage and crypto lending” and discovered evidence that these operations were becoming more dangerous, sophisticated, and intertwined with traditional institutions. This was disclosed by ECB president, Christine Lagarde, according to Financial Times.

AlsoRead

The mother of all economic crisis may be on its way

Fuel Scarcity Bites Harder in Lagos, Petrol Now Sells for N180 per Lite.

E-commerce: Amazon to compete with Konga, Jumia as it expands to Nigeria in 2023

The market is being scrutinized more closely by central banks and governments. In Nigeria, the Securities and Exchange Commission issued cryptocurrency regulations, while the Central Bank of Nigeria has had an exciting prohibition on banks facilitating transactions.

The European Central Bank said“Investors have been able to handle the €1.3tn fall in the market capitalisation of unbacked cryptoassets since November 2021 without any financial stability risks being incurred. However, at this rate, a point will be reached where unbacked cryptoassets represent a risk to financial stability.” 

The ECB is developing a digital euro and plans to test a prototype next year before choosing whether to introduce it three years later. Lagarde said its own central bank-backed digital currency would be “vastly different to many of those things”.

The EU is finalising legislation, called markets in crypto assets, but the ECB said it would not come into force until 2024 at the earliest. “Given the speed of crypto developments and the increasing risks, it is important to bring cryptoassets into the regulatory perimeter and under supervision as a matter of urgency,” it said.

Previous Post

BREAKING: CBN raises benchmark interest rate to 13%

Next Post

Telcos fault FG’s move to impose new GSM phone call tax

Related News

The mother of all economic crisis may be on its way

The mother of all economic crisis may be on its way

by Rate Captain
June 23, 2022
0

Going by the data from the National Bureau of Statistics Nigeria’s inflation rate for the month of May stands at...

Fuel Scarcity Bites Harder in Lagos, Petrol Now Sells for N180 per Lite.

Fuel Scarcity Bites Harder in Lagos, Petrol Now Sells for N180 per Lite.

by Rate Captain
June 22, 2022
0

Fuel scarcity worsens in Lagos state as more filling stations shut their pumps to motorists and other customers. This persisting...

E-commerce: Amazon to compete with Konga, Jumia as it expands to Nigeria in 2023

E-commerce: Amazon to compete with Konga, Jumia as it expands to Nigeria in 2023

by Rate Captain
June 21, 2022
0

American e-commerce giant, Amazon, is set to disrupt the Nigerian e-commerce market as it plans to launch in the country...

Defi protocols declined by $124 billion in 6 weeks.

Defi protocols declined by $124 billion in 6 weeks.

by Rate Captain
June 21, 2022
0

The total value locked (TVL) on ethereum, a metric that attempts to track the value of tokens deposited in a...

Next Post
Telcos fault FG’s move to impose new GSM phone call tax

Telcos fault FG’s move to impose new GSM phone call tax

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Why Bitcoin investor are  under water

Why Bitcoin investor are under water

June 23, 2022
What caused Celsius Price Skyrockets by 400%.

What caused Celsius Price Skyrockets by 400%.

June 23, 2022

Popular Story

  • Interpol, Kenya Government Probe Three Nigerian Fintech Tycoons over N128 Billion from Nigeria

    Interpol, Kenya Government Probe Three Nigerian Fintech Tycoons over N128 Billion from Nigeria

    0 shares
    Share 0 Tweet 0
  • Bitcoin Whale Moves Over $600,000,000 in BTC

    0 shares
    Share 0 Tweet 0
  • Nigerian startup, Klasha raises $2.1 million to improve cross-border commerce in Africa

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.