European Central Bank President Calls for Bitcoin Regulation

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In Brief
  • ECB President Christine Lagarde is calling for the global regulation of Bitcoin.

  • Lagarde states that Bitcoin has some “interesting and totally reprehensible money laundering activity.”

  • Lagarde seeks global regulation to minimize criminal activity.

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Talking at the Reuters Next conference this week, European Central Bank President Christine Lagarde expressed her opinion on Bitcoin and the lack of regulation surrounding the digital asset.

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Bitcoin Conducts Funny Business

Lagard stated that Bitcoin was a highly speculative asset:

“which has conducted some funny business and some interesting and totally reprehensible money laundering activity.”

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Bitcoin has recently come under the spotlight, following a massive surge in price over the past few weeks. The alpha crypto reached a new all-time high of approximately $42,000 earlier this week, gaining plenty of attention in the process.

Criminal Activities Supposedly Causing a Shakedown

According to Reuters, Lagarde is pushing for global crypto regulation in an attempt to curb money laundering. Lagarde also stated that Bitcoin was a highly speculative asset, “which has conducted some funny business”.

The #1 cryptocurrency by market cap has recently been in the spotlight, not only for its dramatic increase in value. Criminals continue to use the somewhat anonymous digital currency even though some specialist firms can track transactions.

Lagarde strongly reaffirmed that Bitcoin regulation needs to be applied and agreed upon at a global level, insisting that if there “is an escape, that escape will be used.”

Lagarde might not be a fan of Bitcoin. However, the ECB president previously expressed a strong consideration to launch a digital euro, similar to China’s digital yuan that launched last year. 

Blockchain technology and adoption continue to grow, with newly elected U.S President Joe Biden committing MIT Blockchain Professor Gary Gensler to Chair the SEC

With Bitcoin gaining traction worldwide and institutions adopting cryptocurrency transactions, government agencies will likely be looking to get some regulation approved for Bitcoin eventually. 

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