Christine lagarde on cryptocurrency
Cryptocurrency might be booming these days, but people should still be wary of how its value really works, according to European Central Bank ECB president Christine Lagarde. Lagarde, in fact, even goes on to say that cryptocurrency isn't "real" currency, advising people to treat them as "suspicious" and "highly speculative," reports Forbes. These pronouncements were made in a Bloomberg podcast in the midst of growing interest in smaller cryptocurrencies, such as dogecoin, Ripple XRP, Binance BNB, and solana. According to Lagarde, cryptocurrency is a highly speculative asset that only "claims" its fame as actual currency, but it simply isn't. Despite these remarks, however, Lagarde did go on to praise stablecoins. This type of cryptocurrency is tied to real-world assets and even traditional currencies, alongside so-called central bank digital currencies or CBDCs.
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Content:
- Christine Lagarde praises cryptocurrencies and blockchain
- ECB President Attacks Bitcoin Again As Digital Euro In Works
- Christine Lagarde tackles Bitcoin (BTC) and cryptocurrencies once again
- Bitcoin investors may lose everything, European Central Bank warns
- Business Tech
- ECB chief Lagarde blasts Bitcoin’s role in facilitating money laundering
Christine Lagarde praises cryptocurrencies and blockchain
There are over , Bitcoin transactions daily, report by research firm CompareCamp claims. The top leader of the Frankfurt, Germany-based bank spoke against the up-and-coming digital currencies while revealing her thoughts on if cryptos would prove to be beneficial for the global economy in the future.
Lagarde's views on cryptocurrencies resonate those of several other central banks in the world. She also noted that crypto transactions consume high amounts of energy, and also said that cyrptocurrencies are not real currencies. The statement by Lagarde, as reported by TechStory on Friday, comes at a time crypto trading has begun to pick pace around the world.
Statistics platform CompareCamp reported that there are over , Bitcoin transactions daily, with an average of 14, every hour, or four transactions per second. Lately, criticism of cryptocurrencies has heated up from countries like Russia and China.
Governments of many countries like China, Russia, Morocco, and Bolivia among others have expressed concerns over the international transfers of these untraceable cryptocurrencies for notorious purposes that could pose danger to national safety.
Despite a recent report indicating growth in India, the future of cryptocurrencies remains uncertain in the country. Its government bill to the Parliament proposing a ban on digital currencies has been delayed. It was due in March While over countries including the UK, the US, India, and Canada allow crypto transactions and trading, Lagarde has slammed the companies that are pushing the adoption of cryptocurrencies.
Cryptocurrency Prices across Indian exchanges. For the latest videos on gadgets and tech, subscribe to our YouTube channel. Christine Lagarde, the European Central Bank President is anti-crypto Lagarde believes digital currencies are not as credible as real money Russia and China are among several countries where crypto is banned.
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ECB President Attacks Bitcoin Again As Digital Euro In Works
Christine Lagarde has become the latest prominent figure to blast bitcoin. The president of the European Central Bank took aim at the digital currency just days after the UK's City watchdog warned savers they should be prepared to lose all their money if they buy it. Lagarde said: 'This is an asset and it's a highly speculative asset which has conducted some funny business and some interesting and totally reprehensible money laundering activity. She called for global regulation of cryptocurrencies. Bitcoin, which surfaced in , became popular with criminals trading drugs and laundering money. Transactions are not processed by a bank but recently it has fallen into mainstream use, with payments app Paypal now accepting it. Trading cryptocurrencies is currently one of the hottest trends in the investment landscape.
Christine Lagarde tackles Bitcoin (BTC) and cryptocurrencies once again
The president of the European Central Bank ECB hardens her speech towards him and relegates him to an asset that fuels the activities of the dark web. While the subjects of Diem ex-Libra and public blockchains are discussed, Christine Lagarde still considers Immediate Edge as a simple highly speculative asset that robs investors, in addition to being a vector to fuel illicit dark web activities. Whatever Christine Lagarde says about the uses of bitcoin, a recent report from Chainalysis indicates that the share of cryptocurrency transactions linked to criminal activity has fallen sharply between and Yes, it should not be denied that bitcoin is used for such purposes, but its share in this activity is minimal. Even if this figure remains important, it tends to decrease over the years and bitcoin is less and less used for these activities. In addition, the Bitcoin network being a pseudonym , this feature can even help the authorities to trace criminal networks, where cash is much more difficult to trace. During the show, the subject of the Diem project ex-Libra is also discussed. Christine Lagarde quickly dismisses the idea that Bitcoin and other cryptocurrencies can resemble currencies, but believes that Diem could play this role. Anyway, Christine Lagarde recalls that the ECB and that all the national central banks are currently working on large-scale regulation:. Regulation on a European or even global scale thus always seems to be on the agenda.
Bitcoin investors may lose everything, European Central Bank warns
It's time for the world's central banks and regulators to get serious about digital currencies, according to the head of the International Monetary Fund. Global financial institutions are taking risks by not watching and understanding emerging financial tech products that are already starting to shake up the financial services and global payments system, according to IMF Managing Director Christine Lagarde. Asked whether she agreed with JPMorgan Chase CEO Jamie Dimon's comments that bitcoin is a "fraud," Lagarde said it's important to look at the broader implications of technologies like digital currencies. Lagarde didn't rule out that the IMF could at some point develop its own cryptocurrency. Lagarde moderated a panel discussion on Thursday focused on fintech and the role of central banks, featuring central bank officials and executives from fintech companies.
Business Tech
Christine Lagarde says Bitcoin has been used for some "funny business" — and calls for a clampdown. The president of the European Central Bank has called for Bitcoin to be regulated globally. Speaking at the Reuters Next conference, Christine Lagarde said:. She stopped short of providing specific instances where money laundering had occurred using BTC — but pointed to how there have been criminal investigations into instances where Bitcoin has been used for illegal purposes. Stressing that the fragmented nature of regulation needs to end, the former chair of the International Monetary fund added:. But what remains unclear is what regulations concerning Bitcoin would look like.
ECB chief Lagarde blasts Bitcoin’s role in facilitating money laundering
Take a look at the beta version of dw. We're not done yet! Your opinion can help us make it better. We use cookies to improve our service for you. You can find more information in our data protection declaration. The European Central Bank has said it is taking the next step toward launching a digital version of the euro.
The European Central Bank will decide in spring, most likely in April, whether to move ahead with the preparatory work to launch a digital euro, a complex project that would facilitate payments but could also shake the foundations of the financial system. Reaching 2. Some central banks, including Sweden and China, were already working on digital versions of their own currencies.
In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself. It could displace central banks, conventional banking, and challenge the monopoly of national monies. Christine Lagarde —a Paris native who has held her position at the IMF since —says the only substantial problems with existing cryptocurrency are fixable over time. In the long run, the technology itself can replace national monies, conventional financial intermediation, and even "puts a question mark on the fractional banking model we know today. In a lecture that chastised her colleagues for failing to embrace the future, she warned that "Not so long ago, some experts argued that personal computers would never be adopted, and that tablets would only be used as expensive coffee trays.
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Among the topics discussed, which included monetary policy, debt, and gross domestic product GDP of countries in the European Union EU , Lagarde also shared her view on Bitcoin and "cryptocurrencies. Full stop," Lagarde emphatically said in the video. They are not.
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