ECB chief calls for regulation of cryptocurrencies

The president of the European Central Bank, Christine Lagarde, said that cryptocurrencies are unbacked and should be regulated. Bloomberg reports.

Lagarde noted that she is very concerned about people who do not understand the risks of investing in crypto assets and could lose everything.

In her view, cryptocurrencies “are worth nothing, unbacked, with no underlying asset that could serve as a safety anchor.”

The head of the ECB contrasted crypto assets with the digital euro, which the regulator could issue by 2026.

Earlier Lagarde stated that all cryptocurrencies and stablecoins meet the definition of speculative assets and calling them currencies is inappropriate.

In April, the ECB called for global regulation of the crypto market.

Read ForkLog’s bitcoin news in our Telegram — news on cryptocurrencies, prices and analysis.