Mr. Gabriel Makhlouf:

There is probably a case for it. The most important thing of all for that type of crypto is to make sure the public are aware of it and understand the risks inherent with it. Then, however, there are other types of crypto that are backed. The first type tends not to be backed by anything. There are other types of crypto that are backed, or alleged to be backed, by other assets and currencies. They tend to be called stablecoins. Again, I think we are still trying to understand exactly where we are going with that but Europe is introducing a new regulatory system to manage that.

Underpinning all of this is technology. It is actually the use of what is known as blockchain technology, which has potentially got commercial advantages that will deliver advantages to consumers. For me, the most important thing on this whole canvas is to move cautiously because one could actually take decisions that, ultimately, are not to the benefit to consumers. Certainly, we need to go into all this with our eyes wide open. There are no financial stability risks right now, but there could be. It is a very big area of focus for the Central Bank of Ireland but also for regulators across the world.