ECB President Christine Lagarde believes bitcoin is a speculative asset and needs regulation
During a press conference, Lagarde stated that bitcoin is “a highly speculative asset used in dubious business and various money laundering activities.”
The negative nature of Bitcoin has been very clearly demonstrated by previous and ongoing criminal investigations, she said. Just last month, Italian police arrested the CEO of cryptocurrency exchange BitGrail and accused him of laundering $ 2 million in cryptocurrency.
“There should be regulation. It needs to be globally agreed upon and applied in the same way. Global cooperation and concerted action is absolutely essential, regardless of the initiating party. Perhaps everything will start with the G7 countries, move to the G20 countries, and then expand even more. But the problem needs to be solved, ”Lagarde said.
G7 countries push for regulation. US Treasury Secretary Stephen Mnuchin’s spokesman also spoke of the need to regulate digital currencies.
Commenting on the recent bull run of bitcoin, Lagarde stated that it is in every way a speculative asset:
“I feel sorry for those who thought that bitcoin could become a currency. It’s an asset. “
Lagarde has repeatedly called for Bitcoin regulation. She stated last November that crypto assets carry risks given the lack of an identifiable issuer (like a central bank). This explains the volatility of bitcoin, she said.
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