The ECB announced the need to improve monitoring tools cryptocurrency market

The European Central Bank (ECB) published a report entitled “Understanding the phenomenon of cryptocurrencies, risks and measurement problems”, which notes the need for continuous monitoring of the development of the crypto industry.

In particular, ECB experts pointed out the need to improve and expand the cryptocurrency transaction monitoring tools by the “community of central banks”.

One of the main problems for monitoring processes in the world of digital currencies is serious gaps in data related to crypto assets, the ECB believes.

In addition, despite the blockchain transparency, transaction data is collected haphazardly, which also prevents regulators from fully assessing the state of the cryptocurrency market.

ECB analysts emphasized the importance of further developing a statistical classification of crypto assets and the basic requirements for them, due to the fact that the development of the digital currency industry can have an impact on “stability and efficiency of the financial system and economy”.

Recall that in May the ECB published a report “Crypto Assets: Implications for Financial Stability, Monetary Policy, Payments and Market Infrastructure”.

In it, analysts expressed the view that digital currencies could potentially affect financial stability only if they are recognized as a replacement for deposits and cash, which means that so far they do not pose a threat.

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