ECB President Lagarde calls for regulation for “speculative” Bitcoin
Current statements by ECB President Christine Lagarde could scare the crypto scene because she calls for stronger Bitcoin regulation.
During a live streaming event organized by Reuters news agency, the President of the European Central Bank, Christine Lagarde, called for stricter Bitcoin regulation.
In her speech, Lagarde called Bitcoin a “speculative asset” and emphasized that the cryptocurrency enables “dubious business”.
In a video of the event you can see the full statements of the ECB boss. Literally she said:
Bitcoin facilitates dubious business and facilitated some reprehensible money laundering activities. There must be regulation on a global level that must be enforced and agreed upon. If there is an alternative, it is used.
Christine Lagarde at the Reuters event
In order to enforce the regulation, global cooperation and multilateral action are absolutely necessary, Lagarde added. G-7 nations could initiate the Bitcoin regulations and then integrate them into the G-20 nations. From there the nations could expand it further. The FATF (Financial Action Task Force on Money Laundering), the international institution against money laundering, is the right organization for this. But Lagarde didn’t just talk about existing crypto currencies.
Bitcoin regulation and CBDC
Another topic that Lagarde and the European Central Bank are currently concerned with is central bank digital currency (CBDC). Only yesterday she asked the public about the topic and emphasized the great interest of the participants. No less than 8,000 people answered the ECB’s many questions about a digital euro, said Lagarde.
Despite the great interest of the European population, they don’t want to rush ahead, but rather move ahead, said the ECB boss. The greatest caution should be exercised with regard to digital central bank money. Then one could meet the goal of a safe, reliable CBDC. And the demands of European citizens.
She did not mention a schedule or a release date. Lagarde emphasized, however, that it is difficult to determine a time window due to the rapid change in the FinTech sector. Whenever the digital euro appears, however, it will not abolish banknotes, concluded the ECB boss.
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