ECB’s Christine Lagarde Says ‘Speculative’ Bitcoin Needs Global Regulation

ECB’s Christine Lagarde Says ‘Speculative’ Bitcoin Needs Global Regulation

Blockchain Featured
January 13, 2021 by Kofi Ahmed
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In a speech at a Reuters online event Wednesday, Lagarde said bitcoin was a "highly speculative" asset.
ECB’s Christine Lagarde Says ‘Speculative’ Bitcoin Needs Global Regulation

European Central Bank (ECB) President Christine Lagarde says bitcoin has facilitated “funny business” and needs to be regulated at the international level.

  • In an interview at a Reuters online event Wednesday, Lagarde said the “highly speculative asset” has led to “some reprehensible activity,” including money laundering, and any loopholes need to be closed, according to a report from Reuters.
  • “There has to be regulation. This has to be applied and agreed upon … at a global level because if there is an escape that escape will be used,” she said.
  • The European Union central bank chief added there will be a digital euro, hopefully in no more than five years, according to other reports.
  • The ECB has been looking into the benefits and risks of a euro-based digital currency since the Facebook-backed diem (formerly libra) project was announced in June 2019.

Source: Coindesk

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