European Regulators Wary as Bitcoin Gains US Approval
European regulators remain skeptical about Bitcoin's viability, even after the recent approval of exchange-traded funds (ETFs) in the United States.
The European Central Bank (ECB) underscores Bitcoin’s failure to achieve decentralization and its vulnerability to fraud and manipulation.
Additionally, concerns persist regarding the cryptocurrency’s high transaction costs, sluggish processing speeds, and limited practicality for legitimate transactions, as reiterated by the ECB.
Moreover, the ECB’s reservations extend to the recent green light given to Bitcoin ETFs by the US Securities and Exchange Commission (SEC), suggesting that regulatory approvals do not address underlying concerns.
Despite being recognized as legal tender in El Salvador and receiving governmental support in some quarters, Bitcoin’s widespread adoption as a payment method remains elusive, with legitimate transactions outside the dark web being infrequent, according to ECB observations.
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Furthermore, while short-term market rallies may suggest temporary enthusiasm, regulators emphasize that significant structural challenges, such as price manipulation and regulatory ambiguity, persist within the cryptocurrency landscape.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
