ECB President Christine Lagarde insists that cryptos are not currencies, she calls highly speculative and suspicious-regulation
ECB President Christine Lagarde insists that cryptos are not currencies, she calls highly speculative and suspicious-regulation
The President of the European Central Bank (ECB), Christine Lagarde, says that cryptos are not currencies. She also discussed the need for stable coin regulation and digital central bank currencies (CBDCS).
Lagarde: "Cryptos are not currencies. Point '
EZB President Christine Lagarde shared her opinion on cryptocurrency, stable coins and digital central bank currencies (CBDCs) in an interview published on Thursday with the co-founder of the Carlyle Group, David Rubenstein.
Lagarde was asked whether "cryptocurrencies are a plus for the global economy" or whether it is still too early to say that.
The ECB boss replied promptly: "Cryptos are not currencies, point. Cryptos are highly speculative assets that may claim their fame as a currency, but they are not. They are not." She continued:
I think we have to differentiate between highly speculative, occasionally suspicious cryptos and a high intensity in terms of energy consumption, but they are not a currency.
Lagarde continued to discuss stable coins. "On the other hand, there are these stable coins that begin to multiply, to promote and promote some great techs on the way, which are another animal and have to be regulated, where there must be a corresponding supervision, the business that they actually do, regardless of what they call themselves."
Then the ECB President addressed the topic of digital central bank currencies. "And with all of this, there are the central banks that are prompted by the demand from the customers to produce something that makes the digital currencies of the central bank and the central banks fit for the century, which is why we do not all deal with CBDC."
she explained: "Instead of having banknotes and cash in our pockets in our wallets, we can have exactly the same, but in digital form, so we all work on it and certainly I wanted the topic, the CBDC topic, on our agenda, because I believe that we have to be ready for it."
It was also asked whether the CBDC of the ECB would be "without paper currencies or side by side". Lagarde replied:
side by side because we want customers to have their preferences. If you still want to keep these banknotes and cash, that's good, and it should continue to be available.
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