TL;DR Breakdown
- In a brutal statement, the President of the European Central Bank called cryptocurrencies suspicious.
- She thinks that these currencies are not credible enough to be used as a medium of transfer.
- The statement is quite contradictory as crypto transactions and investments have picked up the pace all around the world.
The wide adoption of cryptocurrencies also accumulates so many negative statements. The European Central Bank is also on the list. According to a recent report, Christian Lagarde, the President of the European Central Bank, denied the credibility of cryptocurrencies and termed them as “highly speculative and suspicious.” She expressed her doubts on the benefits and role of digital currencies in the global economy in the future.
Lagarde is a top politician in Frankfurt, Germany, and has been the head of the European Central Bank since 2019. She stated inimical to existing and upcoming cryptocurrencies while sharing her opinions on whether they would prove their existence and impact the world economy. Her thoughts are similar to various nation’s central banks.
President of the European Central Bank considers crypto “unreal”
The President of the European Central Bank also added that cryptocurrencies are not “real” currencies, and their transactions take massive amounts of energy.
As per the recent report by TechStory, Lagarde shared her opinions just when Bitcoin is recovering, and crypto traders are getting active around the globe. Around 350,000 BTC transactions are happening on a daily basis, with four BTC transactions per second.
The impact of Lagarde’s statements is not that big as this is not something new. Several governments, including the Russian and Chinese governments, are criticizing cryptocurrencies and questioning their existence lately. Countries like Bolivia and Morocco have also revealed their thoughts over the harms that can be caused due to untraceable international transfers of funds in the form of cryptocurrencies.
They are concerned over the criminal mindset and their national security at stake. Despite the massive participation of Indians in the crypto world, the Indian government was also planning to pass a bill to ban cryptocurrencies which the Supreme Court of India has postponed.
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