Cryptocurrencies will probably die as “the perfect set of nonsense”, and the bubble already started to burst, says a member of the governing Board of the European Central Bank (ECB) Hansson, Ardo (Ardo Hansson). According to Bloomberg, the head of the Central Bank of Estonia stated this at the conference “5 years with the Euro” in Latvia.

“The bubble has started to burst, and maybe we just have to see how far will this destruction, and what remains when we reach a new equilibrium. I think we refer to that time a few years and ask yourself how we got into this situation, to believe in this kind of fairy story,” said Hansson.

However, it considers that the authorities should focus on the protection of investors, especially the inexperienced, and also expressed concern about the possible use of cryptocurrencies for illegal activities. Challenges for financial stability will not occur until the connection between scriptactive and traditional markets weak, said Hansson.

It is noteworthy that in Estonia one of the most advanced digital economies since last year, considering the release state of the token Estcoin. The project was criticized by the head of the ECB Mario Draghi (Mario Draghi), which was supported by Ardo Hansson. But the creators Estcoin adjust plans to resolve differences with monetary policy of the ECB and to continue the project.

According to Bloomberg, the national police Estonia over the past year has given almost 500 licenses the providers of cryptocurrency services and more than 440 licenses to companies offering services of crypto.