/biz/ - Business & Finance

>Recent developments in the market for crypto-assets illustrate that it is an illusion to believe that private instruments can act as money when they cannot be converted at par into public money at all times.

>Despite claims that cryptos are a trustworthy form of “currency” free from public control, they are too risky to act as a reliable means of payment. They behave more like speculative assets and raise multiple public policy and financial stability concerns.[4]

>Anyone investing in cryptos must be prepared to lose all their investment.[5]
https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp220516~454821f0e3.en.html

>(((Central banks))) across the world are developing virtual money to ensure they’re not undermined by the growing popularity of cryptocurrencies, which has inspired Big Tech to eye ways to enter the payments market. One of the biggest jolts was when Facebook, owned by Meta, announced a few years ago that it would launch a virtual currency with 25 other companies.

>"We must push forward with full speed. No one will wait for us," German Chancellor Olaf Scholz told reporters last year when he was finance minister. "I am convinced that eurozone countries need to take part more actively in the process and play a stronger role."
https://www.politico.eu/article/digital-euro-bill-due-early-2023/