Fabio Panetta, Director, European Central Bank: Cryptocurrencies have no human or economic value.

Fabio Panetta, a member of the board of directors of the European Central Bank, said there was no indication that crypto assets were or could not be beneficial to the community or the economy.

“Cryptocurrencies are not typically used for retail or wholesale, they don't fund use or investment, and they don't play a role in tackling climate change,” Fabio said. Panetta in a speech. "Extreme pollution and environmental damage" and its role in financial crime and tax evasion.

"It is unclear why crypto assets are available at most financial institutions."

Central banks and regulators around the world are stepping up efforts to regulate cryptocurrencies like Bitcoin. Many regulators, including the European Central Bank, are looking for digital benefit models to get the technology crypto experts demand.