The ECB acknowledged that stablecoins are siphoning off deposits and payment revenue from banks.

Executive Board member Cipollone stated that Europe is “increasingly dependent on non-European payment infrastructure.”

The EU banned USDT on all regulated exchanges. It introduced mandatory identity verification for all cryptocurrency transactions. It has effectively shut down 90% of crypto firms through MiCA. And deposits are still flowing out.

Efforts to return 70% of funds from crypto exchanges to the traditional banking system have failed. The more pressure the regulator applies, the faster the money flows out. It turns out that people prefer freedom over control.

#EU #ECB #Crypto #FindTruth

@uinhurricane✅