European Central Bank president says progress towards digital euro should be accelerated

European Central Bank President Christine Lagarde said that Crypto is worthless and should be regulated. She believes regulating the industry will stop people from betting their life savings on Crypto.

Christine Lagarde said, "I think Crypto is worthless. It was established without any foundation and without any assets as a backing."

Lagarde continued: "I have always considered these types of assets to be highly speculative and extremely risky."

In an interview with Dutch television, Lagarde said she worries about people who don't understand the risks and who could lose everything, and people who are disappointed with digital assets.

Lagarde made the remarks at a challenging time for the crypto market, where the value of mainstream tokens has halved from their peak in 2017.

Crypto is under increasing scrutiny and pressure from global regulators, these regulators often refer to the threat that the Crypto market poses to the financial system.

Other ECB officials have also expressed skepticism about the crypto market, including ECB executive board member Fabio Panetta.

In April, he said that crypto assets were “creating a new Wild West period,” comparing it to the subprime mortgage disaster of 2008.

Lagarde noted that she has never invested in a Crypto, which is not surprising given that other banking and financial experts hold the same opinion.

However, Lagarde said that her son invested in Crypto, which unfortunately failed.

While denouncing Bitcoin and other related Crypto, Lagarde said she would support the creation of a digital euro, the EU Central Bank's Digital Currency (CBDC), becauseDigital euro to be backed by ECB。

“One day we have a central bank digital currency, and any digital euro, I would vouch for it,” Lagarde said.

The digital euro is backed by a central bank and is very different from the Crypto market.

Recently, Panetta stated,Digital euro could be implemented by 2026, and introduced a definite timetable for it.

The original text comes from bitcoinist, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the editor for Chinese reprint.

The original text comes from bitcoinist, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the editor for Chinese reprint.