European Central Bank President Christine Lagarde says Bitcoin and other cryptocurrencies “have no value.” In an interview with talk show “College Tour”, cryptocurrencies have no value. Lagarde said, “It is not based on anything. They stand on no basis to act as security anchors.”
Lagarde urged global policymakers to set rules to protect inexperienced investors.
Lagarde said, “Those who think there will be a reward, don’t understand the risks, do everything I’m worried about people who will lose and be hugely disappointed, so I believe this needs to be adjusted.”
Lagarde has previously expressed concern about the environmental impact of digital currencies, as well as their potential use in money laundering and evasion of sanctions.
Several central banks have responded to the rapid growth of digital currencies It is working on its own virtual alternatives to cash, and the ECB is one of them, with Lagarde saying that a digital euro would be “very different” from private cryptocurrencies
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