🚨 European Central Bank warns about cryptocurrency risks! 🚨

🔻 European Central Bank Chief Auditor Andrea Enria stated that there is a gap in the rules of protecting the European Union's financial system from cryptocurrency risks. This situation allows banks to bypass some safeguards and needs to be fixed urgently. 😱

🔻 Enria criticized current regulations that prevent the European Central Bank from fully understanding banks' exposure to cryptocurrency and being able to effectively implement safeguards. 🏦

🔻 Additionally, Enria stated that under EU crypto asset market regulations (MiCAR), stablecoin issuers must keep 60 percent of their reserves in bank deposits. This could have "unexpected consequences" for financial stability. He stated that banks should not rely on "unstable deposits, such as deposits of crypto asset participants." 🏛️🔐