ECB President Says Bitcoin Needs To Be Internationally Regulated

ECB President says bitcoin needs to be internationally regulated. European Central Bank (ECB) President Christine Lagarde has come to share that bitcoin has facilitated “funny business” and that it needs to be regulated at the international level.

In an online Reuters interview on Wednesday, Lagarde said the “highly speculative asset” has led to “some reprehensible activity,” including money laundering, and any loopholes need to be closed, according to a report from Reuters.

Lagarde added “There has to be regulation. This has to be applied and agreed upon … at a global level because if there is an escape that escape will be used,”. According to other reports, the EU central bank chief added that there will be a digital euro, hopefully in no more than five years.

Since the Facebook-backed Diem (formerly Libra) project was revealed in June 2019, the ECB has been looking into the advantages and risks of a euro-based digital currency.

[image: Wikimedia Commons]

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