European Central Bank President Christine Lagarde wants regulation of cryptocurrencies
European Central Bank President Christine Lagarde said cryptocurrencies were “based on nothing” and should be regulated to prevent people from risking their life savings. Lagarde expressed his concern about people who are unaware of the risks, and everything can happen. He encouraged governments around the world to take steps to protect inexperienced investors who make significant bets on digital assets. Lagarde’s comments come at a time when cryptocurrency markets are volatile, with major digital assets such as bitcoin and ether falling more than 50 percent from last year’s highs.
During an interview with Dutch Chat Show college tour A few days ago, Lagarde said in his “very humble commentary” that cryptocurrencies were “based on nothing” and “based on nothing”. He said there was no inherent asset to serve as an anchor of security.
Lagarde’s lack of faith in cryptocurrencies is nothing new. It has previously expressed concerns about digital currencies’ money laundering and theft of sanctions, as well as their environmental impact.
During the chat show, when a member of the audience mentioned that he had lost 7,000 euros (approximately Rs 58,000) after buying Cardano tokens, Lagarde said it was a “pain”.
Lagarde said she doesn’t have any cryptocurrency because she wants to practice what she preaches. Having said that, he said that he followed the cryptocurrency market diligently as one of his sons had invested in digital assets.
In response to the rapid expansion of digital currencies, many central banks, including the European Central Bank, are developing their own virtual alternatives to cash. According to Lagarde, a digital euro would be very different from a private cryptocurrency as it would have the backing of a central bank.
Lagarde said she herself does not own any crypto assets because “I want to practice what I preach.” But she follows them “very carefully” because one of her sons has invested – against his advice. “He is a free man,” she said.