ECB’s Christine Lagarde Says Crypto Is Worthless
ECB President Christine Lagarde Stresses That Cryptocurrencies Have No Value
The president of the European Central Bank (ECB), Christine Lagarde, poured cold water on crypto, claiming it is worth “nothing” in a recent study. interview†
She pointed out that digital cryptocurrencies are full of speculation and risk.
Last year, Lagarde said Bitcoin was being used to carry out “reproachable” money laundering activities. The French banker and politician has repeatedly pushed for stricter cryptocurrency regulations within the EU and criticized Bitcoin’s energy consumption.
During the interview, Lagarde defended the bank’s digital euro project, claiming it will be “very different” from privately held cryptocurrencies.
Earlier this month, Fabio Panetta, a member of the ECB’s Governing Council, said a digital euro could be launched within four years. He noted that central banks had to meet the growing demand for non-cash payments. Central banks remain highly critical of crypto despite its proliferation. As reported by U.Today, the Swedish Riksbank recently concluded that Bitcoin and cryptocurrencies were not money. Last year, Lagarde also definitively concluded that cryptos were not real currencies.
So far, nine countries have launched their central bank digital currencies (most of them are in the Caribbean). Ninety percent of countries around the world are working on their own CBDCs.
Cryptocurrencies were under heavy pressure in May, with Bitcoin recently dropping to the $25,000 level for the first time since December 2020 due to the collapse of the Terra ecosystem. The flagship cryptocurrency is currently trading slightly below the $30,000 level.
The entire crypto market is currently at $1.26 trillion after peaking at $2.9 trillion in November.