ECB's Lagarde: Bitcoin Conducted Funny Business
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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."

ECB to Recalibrate Monetary Policy Instruments as Digitalization Arrives

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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