German central bank official says cryptocurrencies do not pose a threat to financial stability


  • A representative from the Central Bank of Germany does not see digital assets as a risk to financial stability. 
  • The central banker has high hopes for the cryptocurrency sector, as per his comments. 

 

The Central Bank of Germany’s Burkhard Balz, a representative commented that cryptocurrencies do not pose a threat to financial stability, he was speaking at the European Parliament, covered via a post published on the institution’s website. 

Burkhard Balz, Member of the Executive Board of the Deutsche Bundesbank said that:

Crypto-tokens currently do not pose a risk to monetary or financial stability.” Furthermore, he also noted that “gaps may occur where they fall outside the scope of regulators’ authority or where there is an absence of international standards.

Additionally, Balz did warn that any surge in the popularity of digital assets warrants close scrutiny. However, he expressed high expectations for the digital transformation from the likes of; artificial intelligence, distributed ledger technology, and cloud services, saying:

We are not talking about “evolution,” about banking adapting to the wants and needs of a digital generation – we are talking about a true “disruption” that may change the financial sector for good.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Opportunity in Bitcoin for bargain hunters

First, the strong bullish move yesterday by Bitcoin, which gained more than $1,000 in 60 minutes. The movement has placed the BTC/USD pair above all major moving averages and opens the door to further rises in the absence of relevant resistance.

More Bitcoin News

Ripple’s XRP recovery from April lows marks the beginning to breakout

Ripple has dived massively from the recent highs. The breakout above both the 50 Simple Moving Average (SMA) 1-D and the 100 SMA 1-D propelled XRP past critical hurdles. For the first in 2019, the price exchanged hands above $0.5. 

More Ripple News

Litecoin market overview: LTC/USD oversold and ready to bounce

Litecoin is showing signs of exhaustion from the downtrend experienced from the beginning of July. Recovery to June highs around $146 has been impossible with the path of least resistance having an affinity to the south.

More Litecoin News

Ethereum price analysis: ETH/USD hovers above $220; upside capped at $230

Ethereum momentum hit a snag at $230 following the impressive recovery witnessed yesterday from the support at $205. ETH/USD has spent most of this week’s trading sessions battling to shake off the selling pressure. 

More Ethereum News

Bitcoin Weekly Forecast: BTC bulls get ready for a major assault

The cryptocurrency market has been pretty volatile this week. Bitcoin stayed in the green zone despite wild price gyrations, while major altcoins are nursing double-digit losses on a week-on-week basis.

Read the weekly forecast

BTC

ETH

XRP