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NEWS: ECB executive slams ‘lawless frenzy’ on crypto trading and labels the $1.8TN (€1.7TN) sector a ‘Ponzi scheme’

By Alisha Houlihan for AMLi

A senior European Central Bank (ECB) official has described cryptocurrencies as “Ponzi schemes” and called for a crackdown to prevent a “lawless frenzy of risk-taking”.

Executive Board member, Franco Panetta who oversees the ECB’s work on the digital euro, urged a worldwide coordinated effort to bring crypto-assets into the regulatory purview of government by tightening rules against money laundering and improving disclosure measures in a fast-moving market.

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