On July 27, José Manuel Campa, president of the European Banking Authority (EBA), expressed “concern” over the EBA’s inability to follow the MiCA’s laws because of a lack of trained people with experience in cryptocurrencies.
According to Campa, there is a “high demand across society” for specialists in the technology and cryptocurrency fields in Europe, making it nearly impossible for the EBA to find employees with the necessary skills to fill the openings.
Following the financial crisis, the EBA was established to make sure that European banks had adequate capital to deal with any economic issues. As the cryptocurrency industry expanded, one of its roles included overseeing various stablecoins and cryptocurrencies used as payment methods in Europe.
Although it will be almost 3 years before it is known which digital currencies the EBA will regulate, Campa noted that the organization is concerned about the logistics of planning how to properly exercise its new powers because a lot can change in the crypto ecosystem during that time due to its dynamic and creative nature.
“My concern is more about making sure the risk we have identified . . . [in the crypto market] is properly managed. If we don’t do as well as we should have, we’ll have to live with the consequences.”
However, despite Europe’s high inflation and the region’s overall economic downturn, the EBA official was upbeat about the global macro environment, stating that a financial catastrophe is extremely unlikely to occur, at least in the “short term.”