Digital Finance Needs Global Regulatory System, ECB Says

By Joel Poultney (April 26, 2022, 6:15 PM BST) -- A coordinated global effort is required to put an end to the "Wild West" of digital finance, the central bank of the eurozone has said, as an executive member of its board likened cryptocurrencies to a "Ponzi scheme."

The largely unregulated digital assets must come under a clear and unified regulatory system to end any public policy and financial stability risks, Fabio Panetta, a board member of the European Central Bank, told Columbia University in a speech Monday.

"Policymakers should not allow crypto-assets and the associated risks to proliferate unchecked," he said. "We must decide how to regulate them, following a...

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