Christine Lagarde thinks bitcoin needs to be regulated


The head of the European Central Bank urged to regulate Bitcoin due to the increased volatility of the cryptocurrency

The head of the European Central Bank (ECB) Christine Lagarde called for regulating bitcoin due to its excessive volatility. She announced this at the online conference Reuters Next.

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Bitcoin is definitely being used for money laundering, Lagarde said. The head of the regulator believes that Bitcoin regulations should be implemented at the global level.

The eternal skeptic

Christine Lagarde has long been known for her categorical attitude towards any initiative outside the control of the ECB. At the end of November 2020, in an author column for L’ENA hors les murs, Lagarde stated that stablecoins pose risks not only to financial stability, but also to monetary sovereignty.

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At the same time, the ECB is trying to accelerate with the development of the digital euro, talks about which have not attracted the attention of the regulator for a long time. At the same time, Lagarde was unable to determine exactly who should raise the issue of Bitcoin regulation.

“I think that […] global cooperation and multilateralism are absolutely essential, whether initiated by the G7 or the G20, ”Lagarde said.

In early September 2020, Lagarde announced that the EU countries needed a digital euro, as the pandemic and the introduction of strict quarantine measures across Europe have fundamentally changed the payment services market. Final decision there is no digital euro launch yet. The regulator’s analysts are still studying the benefits and risks of implementing a digital currency.

Meanwhile, bitcoin is holding above the $ 32,100 support for the third day. In the short term, it is expected to rise towards the $ 37,550 bearish breakout level. The price of bitcoin at the time of writing is $ 35,137.

Read about whether countries are ready to implement CBDC in a special material from BeInCrypto.

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Karice Dabule

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