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European supervisors have identified crypto assets as an important trend that reforms the financial markets, according to a new report from the European Securities and Markets Authority (ESMA).
The report emphasizes the growing influence of digital assets on traditional financial systems, while the need for robust regulations is emphasized to protect market stability and consumers.
The current market trends, ESMA notes, notes,
“Crypto: volatile crypto-asset valuations, powered by expectations of the American deregulating policy agenda; enlargent mutual connections with traditional financial markets.”
Civil servants from the European Central Bank (ECB) are currently asking for a digital euro, but eventually had to deal with delays and criticism.
In a recent speech, ECB board member Philip Lane said it was “necessary” for the ECB to introduce a digital euro, claiming that it would “retain the monetary autonomy of Europe”.
“The monetary system – and the currencies within that system – has seen a substantial transformation over the centuries. This transformation continues today. As societies are becoming more digital, central banks investigate the benefits of introducing CBDCs in accordance with the needs of consumers and retain the monetary age.
In a time of geopolitical uncertainty and shocks, the euro has retained its reputation as a strong and stable currency. More than three-quarters of citizens in the Euro area now support the single currency a record high … But as the technology and economy evolve, we must ensure that we retain monetary autonomy to maintain monetary stability under all circumstances. “
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