Christine Lagarde, president of the European Central Bank (ECB), has said cryptocurrencies are not backed by anything and should be regulated, Bloomberg has reported.
Lagarde has said she is very concerned about people who do not understand the risks of investing in crypto assets and can lose everything.
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According to her, crypto "is worth nothing, it is based on nothing, there is no underlying asset to act as an anchor of safety."
However, she has said the digital euro, which the regulator could launch before 2026, will be a safer store of value.
Lagarde has previously said all cryptocurrencies and stablecoins meet the definition of speculative assets and recognition of currencies in them is inappropriate.
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