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NEWS: ECB blog delivers harshest critique of crypto yet and says virtual assets will embark ‘on the road to irrelevance’

By Elizabeth Hearst for AMLi

The European Central Bank has long warned against the use of cryptocurrencies, but it appears it has delivered its harshest critique of virtual currencies to date. 

In its latest blog post, authored by Ulrich Bindsei, Director General of the bank’s Market Infrastructure and Payments sector and his advisor Jürgen Schaaf, the pair write that the “apparent stabilisation of Bitcoin’s value is likely to be an artificially induced last gasp before the crypto-asset embarks on a road to irrelevance.”

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