ECB's Lagarde: Bitcoin Conducted Funny Business
Main page News, European Central Bank, Bitcoin, Regulations

Christine Lagarde, President of the European Central Bank (ECB), has called for regulating bitcoin (EXANTE: Bitcoin) over its speculative volatility and "reprehensible money laundering activity."

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Speaking at the Reuters Next conference, Lagarde said bitcoin's regulation should be at a global level.

"[Bitcoin is] a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity," she said.

The ECB chief said there is a need for global cooperation on the matter, "whether it is initiated by the G7, moved into the G20 and then enlarged."

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In April 2018, Lagarde pointed out that the underlying technology of cryptocurrencies — distributed ledger technology, or DLT—could help financial markets function more efficiently. As Lagarde examined the promise that cryptocurrencies offer, she said there was hope for a world where firms using digital currencies could coexist alongside traditional banks.

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