The president of the European Central Bank said that the development process of the digital euro should be accelerated

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

Christine Lagarde said, “I think Crypto is worthless, it was built without any foundation and without any assets as a backing.”

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Lagarde continued: “I’ve always thought of these assets as highly speculative and extremely risky.”

In an interview with Dutch TV, Lagarde said she is concerned about those who are unaware of the risks and could lose everything, as well as those who are disappointed with digital assets.

Lagarde made the remarks at a time when the crypto market was facing challenges, when the value of mainstream tokens in the crypto market halved from its peak in 2017.

Crypto is under increasing scrutiny and pressure from global regulators who have frequently cited the threat of the Crypto market to the financial system.

Other ECB officials have also expressed doubts about the Crypto market, including ECB Executive Council member Fabio Panetta.

In April, he said that Crypto assets were “creating a new era of the Great West,” 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 view.

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

While condemning Bitcoin and other related Cryptos, Lagarde said she would support the creation of a digital euro, the European Central Bank’s digital currency (CBDC), as the digital euro would be backed by the ECB .

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

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

Recently, Panetta said that a digital euro could be implemented by 2026 , and introduced a firm timeline for it.

The project is currently under review, and implementation may not begin until the end of 2023 as the ECB is stepping up engagement with stakeholders.

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

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