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Crypto Market Is Close To Collapse — ECB Official

13:30 08/01/2019

Ardo Hansson, a member of the Governing Council of the European Central Bank (ECB) and the President of the Bank of Estonia, claimed that the crypto market is gradually collapsing, Bloomberg reports.

 

During his speech at an event in Riga, the chief of the Estonian central bank stressed that cryptocurrency is a complete nonsense and the market has already begun to collapse. According to Hansson, it remains only to observe how long this process will take and what will follow afterward.

Ardo Hansson

After a few years, people will look back and realize that cryptocurrencies were an ordinary fairy tale that many believed in, the official added.

 

The economist emphasized that all interested parties need to focus on the issues of investors' security since it is known that digital assets are used by criminals. Besides, financial stability is a concern, especially after strengthening of the connection between cryptos and the regulated banking sector.

Hansson is already known for his unflattering statements in the press regarding the sphere of digital assets. Earlier, he supported the ECB chair Mario Draghi's critics of creating the state Estonian crypto Estcoin, stating that no EU country will consider any currency except the euro.

 

Not all EU regulatory organizations are skeptical about cryptos. The European Securities and Markets Authority (ESMA) decided to allocate more than one million euros from the budget during 2019 for the monitoring of the cryptocurrency sphere.

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