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We have recently discussed the threat CBDCs pose to the very financial freedom of individuals across the globe. With more nations moving along with the idea of introducing their blockchain-based currencies issued by central banks, governments may have total control over your expenses, consumer behavior, and financial freedom. You won’t be able to do anything without a nod from the “big daddy”.
Since this discussion is still ongoing, the statement from the European Securities and Markets Authority sounds insincere.
What did ESMA say to the global community?
The authority believes that cryptocurrencies may negatively affect many traditional financial systems due to the inherent volatility of some projects in the crypto industry. While it is true, we have to focus on the fact that Bitcoin has been performing way better than stock markets amidst the global recession which is gaining momentum with each passing month.
Cryptocurrencies are volatile and the instability can easily spill into other financial sectors if more investors will come to market and more interconnected financial instruments will tie together TradFi and DeFi. However, it is a risk that many investors are ready to take.
Inflation in Europe is rising. The same trend is apparent in the US. We don’t even want to talk about South America, Asia, and the CIS region. Among more established economies, the prospects of the Turkish Lira and Chinese Yuan seem to be especially grim. Both the British Pound and Euro were very volatile throughout the last week.
Everyone has agenda, we just have to understand which one
It is true that the crypto market desperately needs some regulation and more ways to govern decentralized platforms offering financial services, but ESMA’s statements look like an attempt to tarnish the image of cryptocurrencies which is already tainted by many scam projects. What we must remember is that the existence of scams, volatility, and uncertainty does not mean that the crypto industry does not have strong tokens like BTC or ETH.
You can expect more authorities to issue similar statements in the nearest future as the global economic situation becomes direr.
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