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European Central Bank President asks for a cryptocurrency regulation

European Central Bank President asks for a cryptocurrency regulation

May 23, 2022
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Christine Lagarde said cryptos are “based on nothing” and should be regulated, but she will support a digital euro.

During an interview for Dutch TV channel NPO2, European Central Bank President Christine Lagarde warned that cryptocurrencies are worthless and regulators should pass new rules to prevent people who have “no understanding of the risks” from speculate on cryptocurrencies with their life savings.

I have said all along the crypto assets are highly speculative, very risky assets,” Lagarde reportedly said during the interview, assuming that she’s “skeptical” of the value of crypto. “My very humble assessment is that it is worth nothing. It is based on nothing, there is no underlying assets to act as an anchor of safety.

Lagarde also admitted that she will support the establishment of a digital euro, recently object of an European Commission’s targeted consultation to gather opinions on its users needs and expectations. “The day when we have the central bank digital currency out, any digital euro, I will guarantee it – she said – So the central bank will be behind it. I think it’s vastly different than many of those things,”.

Lagarde's comments arrived just while global cryptocurrency markets is tumbling down.

cool.svg cool_white.svg COOL!
notbad.svg notbad_white.svg NOT BAD!
notcool.svg notcool_white.svg NOT COOL!