ECB President: Stabilizing coins and cryptocurrencies cannot be suitable currency substitutes

According to Cointelegraph, on September 27th, ECB President Mario Draghi said in a letter to European Parliament member Eva Kaili that the European Central Bank System (ESCB) is closely monitoring the development of the cryptocurrency industry. He also pointed out that ESCB is analyzing encrypted assets and stable currencies to understand its potential impact on the security and efficiency of monetary policy, payment and market infrastructure, and the stability of the financial system. However, so far, stable currency and crypto assets have had limited impact in these areas, and their design has not made them a suitable substitute for currency.