The recent collapse of a major cryptocurrency exchange platform that has sent shockwaves through the largely unregulated sector is "not a surprise", a top European Central Bank official said Wednesday.The recent collapse of a major cryptocurrency exchange platform that has sent shockwaves through the largely unregulated sector is “not a surprise”, a top European Central Bank official said Wednesday.
But he said the turmoil remained confined to the crypto asset space and had not yet had any spillover effects. Central banks around the world have long been critical of the volatile world of cryptocurrencies, which are issued privately and are often not backed by any tangible assets or public authority.
The crypto industry was already battered earlier this year by the collapse of virtual currency terra, which was supposed to be pegged to the US dollar, and of cryptocurrency investment platform Celsius.
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