Following the crypto sector crash of 2022, a European Central Bank (ECB) executive board member has called for increased oversight of the sector

In particular, the executive, Fabio Panetta, stated that cryptocurrency investment could be equated to gambling, noting that digital assets are not economically useful, he said in a blog post on January 5. 

He suggested that following the recent price movement, digital assets, due to their unbacked background, carry a ‘speculative nature’ due to fluctuating value and should be treated as ‘gambling activities.’

(by Justinas Baltrusaitis)