Cryptocurrencies No Substitute For Money, ECB Says

Law360, London (September 30, 2019, 12:58 PM BST) -- Cryptocurrencies are not a suitable replacement for money, but the European Central Bank will consider changing its policy if technology develops further, the authority’s president Mario Draghi has said.

So-called stablecoins — digital tokens pegged to other, more stable assets such as traditional currencies — could become widely popular, particularly if they are introduced by large technology companies such as Facebook, which plans to issue a digital currency, Draghi added.

The European System of Central Banks — which embraces the ECB and the bloc's central banks — will be open to changing its position on stablecoins if they become more mainstream, Draghi said...

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