The President of the European Central Bank (ECB), Christine Lagarde, has called for the global regulation of Bitcoin. She said Bitcoin was a highly speculative asset and “did some fun deals”. She stressed the need for countries to work together to regulate Bitcoin and suggested that crypto regulation could be “initiated by the G7, transferred to the G20 and then expanded”.
ECB chief calls for global Bitcoin regulation
ECB President Christine Lagarde said in an interview at the Reuters Next conference on Wednesday that Bitcoin “is definitely a speculative asset”. She added, “I mean, if you look at the recent uptrend and now the recent downward trend, it is for those who thought it could become a currency. I’m terribly sorry, but that’s a plus. “The head of the ECB explained:
It is a highly speculative asset that has done some fun business and some interesting and completely reprehensible money laundering activity.
“I think there has been a criminal investigation that I am sure will continue to take place, which shows this very clearly. And there must be regulations. And that has to be applied and agreed, ”she continued. However, she did not make it clear which investigations she was referring to.
Lagarde called for Bitcoin-specific regulation, saying:
It is a matter that needs to be agreed on at the global level because if there is an escape, that escape is used. So I think that global cooperation and multilateral action are imperative, regardless of whether they were initiated by the G7, accepted into the G20 and then expanded.
“But it is something that needs to be addressed,” she said, adding that the Financial Action Task Force (FATF) “is clearly an organization that has expanded in this regard.”
Lagarde’s remarks on Bitcoin drew a lot of comment. Financial analyst Dan Tapeiro wrote: “Embarrassing for Lagarde. Please read something. “Anthony Pompliano, partner at Morgan Creek Digital, explained in a video why” Bitcoin is the most regulated currency in the world “and why it” is already more regulated and is used less often for illegal purposes than any other currency “.
Several commentators pointed out that it is the ECB and other central banks that are doing “fun deals” with all of their money printing activities.
Many people noticed that Lagarde is himself a convicted criminal. As one Twitter user said, “Why do all people try to regulate Bitcoin themselves, so poorly? Lagarde was “found guilty of massive government disbursement (EUR 400 million).” As managing director of the International Monetary Fund (IMF), Lagarde was convicted of negligence in 2016 for a government disbursement she made during her service and in 2008 she escaped punishment kept her job at the IMF.
Meanwhile, Lagarde said on Wednesday that she hoped the adoption of a digital euro would take no more than five years.
What do you think of Lagarde, who is calling for global bitcoin regulation? Let us know in the comments below.
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