European Central Bank Chief Calls Cryptocurrencies Useless

Many global regulators have expressed apprehension regarding cryptocurrencies. In this episode, the head of the European Central Bank (ECB) Christine Lagarde has called cryptocurrencies ‘useless’. Lagarde has had a negative stance on cryptocurrencies in the past as well. They believe that they are not based on anything and they should be strictly regulated.

Lagarde said on a television show that investors who invest in bitcoin and altcoins are disappointed because the industry does not have proper regulations. Investors were hit hard by the huge selloff in the crypto market earlier this month. Lagarde said, “I have been told that crypto assets are speculative and carry a lot of risk. If you want to invest in them, it is your decision. My assessment is that it is worth nothing and it Not based on anything.There are no assets associated with them that can give protection. central bank digital currency I will guarantee once the (CBDC) is launched. The central bank will be behind it.”

Last year Lagarde said that bitcoin is being used for money laundering on a large scale. French banker and politician Lagarde has called for stricter regulations for cryptocurrencies in the European Union. She has also condemned the excessive consumption of electricity in bitcoin mining.

However, Lagarde also revealed that she monitors the situation in cryptocurrencies because her son has invested in it against her advice. Lagarde said she does not own any cryptocurrency and wants to follow the advice she gives to people. “My son investing in bitcoin hasn’t changed my mind about bitcoin,” he said. European Union authorities have earlier warned people to be cautious about investing in cryptocurrencies. Recently the Central Bank of Britain said that the use of bitcoin as a means of payment is not right. In the UK, many times people have been warned against investing in cryptocurrencies by the regulators. Warning has been given. <!–


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