Christine Lagarde, the President of the European Central Bank, argues crypto is worthless and needs regulations. Rather, she promotes the digital euro as a more secure medium of exchange.
Cryptocurrency is Worthless
Lagarde expressed concern for people who would invest their life savings in cryptocurrencies. Also, for people who are unaware of the risks. People who will lose everything and become devastated. For that reason, she believes that regulation is necessary.
For years, people recognized Lagarde for being skeptical about cryptocurrency. She makes numerous negative statements about the industry. She’s never changed her mind. The Biden Executive Order on crypto isn’t like the leaked statements of Janet Yellen. She indicated that it would help to foster responsible development.
According to Lagarde’s comments on Dutch TV, her modest opinion is that it is worthless. Also, it’s founded on nothing, and there is no source to serve as a security. According to Lagarde, the central bank would guarantee the CDBC when released. She believes this is a significantly different approach from several other initiatives.
Christine Lagarde’s Perspective
Lagarde maintains that cryptocurrency and BTC are worthless. She asserts that if their value gets questioned, nothing is underneath them. None of which can serve as a foundation. She has no role when it comes to digital currencies such as BTC. It doesn’t need support since an unhackable code ensures that they can mint just 21M BTCs. Also, they will issue new BTCs as indicated in the coding.
There are times when European Central Bank issues extra euros. It is her job as the bank’s president because she thinks it’s required. With more euros created, the currency devalues. The buying power of those who own it diminishes. Lagarde promotes the new euro CBDC and says the European central bank would back it.
They’re about to lose the last trace of individual freedom before the CDBC introduction. China previously implemented a CBDC to govern its populace completely. It’s accomplished by removing privacy. With that, the central bank will have complete authority over all wallets. It can oversee every individual’s rights.
Authorities would be free to spend unlimited funds without fear of accountability. They will have total power over the market and the lives of everyone affected by it. BTC is the only private cryptocurrency authorities can’t alter. It lets you run your financial institution. It also keeps your money safe from any central bank or government.