Governor of the Belgian Central Bank: "Crypto Winter" Was "Good News"

The governor of the Belgian Central Bank said that his institution welcomed the 2022 decline in cryptocurrency values and that the start of the crypto winter last year "was excellent news for us."

The cryptocurrency "implosions" of the previous year, according to Governor Pierre Wunsch of Business AM, were "excellent news in themselves for us."

In this situation, "we" refers to "the regulators of the stability of the traditional financial system," the media source observed.

The bank has expressed worry about the rising significance of cryptocurrency investments because of their possible effects on financial stability, according to Wunsch.

Central banks "are not a neutral party when it comes to cryptocurrency," according to Business AM. Because "they are working on their own digital currencies, notably central bank digital currencies (CBDCs)," the media site noted, this was the case.

From a high of roughly $48,000 about this time last year, the price of bitcoin (BTC) fell down around the $16,000 level in November.