{"id":87933,"date":"2023-12-06T18:15:00","date_gmt":"2023-12-06T16:15:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87933"},"modified":"2025-09-13T14:53:52","modified_gmt":"2025-09-13T11:53:52","slug":"ecb-sees-cryptocurrencies-as-an-alternative-to-fiat","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ecb-sees-cryptocurrencies-as-an-alternative-to-fiat\/","title":{"rendered":"ECB sees cryptocurrencies as an alternative to fiat"},"content":{"rendered":"<p>In conditions of limited access to <span data-descr=\"Traditional finance\" class=\"old_tooltip\">TradFi<\/span>, cryptocurrencies serve as an alternative, especially in emerging markets with younger populations. The study&#8217;s authors <a href=\"https:\/\/www.ecb.europa.eu\/pub\/pdf\/scpwps\/ecb.wp2868~0c2ad2e6e7.en.pdf\">came to this conclusion<\/a> according to <span data-descr=\"European Central Bank\" class=\"old_tooltip\">ECB<\/span>.<\/p>\n<p>According to the study, devaluation of national currencies has led to an increase in Bitcoin transactions. In turn, <a href=\"https:\/\/forklog.com\/en\/news\/what-are-stablecoins\"> stablecoins<\/a> could gain broad adoption among individuals and businesses to compensate for the lack of financial alternatives.<\/p>\n<p>The document is based on an analysis of Bitcoin transactions in pairs with 44 fiat currencies on the largest <a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%9E%D0%B4%D0%BD%D0%BE%D1%80%D0%B0%D0%BD%D0%B3%D0%BE%D0%B2%D0%B0%D1%8F_%D1%81%D0%B5%D1%82%D1%8C\" title=\"\">P2P<\/a>-platforms LocalBitcoins and Paxful for the period January 2018 to April 2022.<\/p>\n<p>Experts found a negative correlation between banking depth and digitalisation with the frequency of cryptocurrency usage.<\/p>\n<p>Analysts cited reasons that may explain the growing popularity of Bitcoin and other cryptocurrencies:<\/p>\n<ul class=\"wp-block-list\">\n<li>use as speculative assets in an environment with limited traditional investment options;<\/li>\n<li>higher value relative to fiat currencies as they weaken or in times of high inflation;<\/li>\n<li>use as a means of payment in cross-border transactions to bypass capital controls or to reduce the cost of transfers.<\/li>\n<\/ul>\n<p>In 2022 the ECB<a href=\"https:\/\/forklog.com\/en\/news\/ecb-deems-stablecoins-impractical-as-a-means-of-payment\"> described<\/a> stablecoins as unsuitable as a means of payment.<\/p>\n<p>In November, regulator chief Christine Lagarde<a href=\"https:\/\/forklog.com\/en\/news\/ecb-chief-lagarde-reveals-her-son-lost-money-on-crypto-investments\"> admitted<\/a> that her son had lost &#8216;almost everything&#8217; on investments in digital assets, despite numerous warnings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ECB: In the absence of TradFi, cryptocurrencies stand as an alternative, especially in emerging markets with younger populations.<\/p>\n","protected":false},"author":1,"featured_media":87934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1269,1410,1614,167],"class_list":["post-87933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-cryptocurrencies","tag-ecb","tag-fiat-currencies","tag-research"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=87933"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87933\/revisions"}],"predecessor-version":[{"id":87935,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87933\/revisions\/87935"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/87934"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=87933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=87933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=87933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}