The post Crypto Firms Acting Like Banks Should Be Regulated Like Banks: Enria appeared first on Coinpedia Fintech News
Andrea Enria, chair of the supervisory board at the European Central Bank (ECB), has stated that if a crypto firm starts behaving like a bank, it should be regulated as such. However, Enria acknowledged that supervising crypto companies could be more challenging than overseeing traditional banks due to the decentralized and borderless nature of the industry. Enria’s comments come as the ECB prepares to launch its planned digital euro, which is not seen as a threat to traditional banks. However, Enria warned that the lack of a clear issuer for popular cryptocurrencies like Bitcoin and the absence of a clear entity within DeFi projects make these elements difficult to supervise. Enria also highlighted the issue of consolidation in the crypto industry, citing the recent collapse of FTX as an example of opacity within the sector.
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