It is no surprise that European countries are slowly but surely preparing to regulate cryptocurrencies. This is also confirmed by the ever-increasing statements of leading European politicians and economists. The President of the European Central Bank also commented on this topic, Christine Lagarde.
Lagarde argues that cryptocurrencies are not currencies
“Cryptocurrencies are no currencies, they are just highly speculative assets that may claim their fame as currencies, but in reality they are not,” the president said. ECB.
Although Lagarde has a very limited view of cryptocurrencies, she sees alternatives and possibilities especially in stablecoins. However, according to her, their spread is very dangerous and therefore needs to be introduced hard regulation. According to Lagarde, stablecoins are experiencing a major technological breakthrough also thanks to the spread and promotion by large companies. For a healthy business and economy, it is necessary to control these projects.
“I would very much like to put this issue on our agenda, as I am convinced that we must be prepared.”
However, according to Lagarde, the preparation and development of the digital euro can take up to four years. The President acknowledged that the ECB had in particular been pressured by clients who consider digital currencies to be a worthwhile product. 21st century.
The fear of leading economies comes mainly from the concern of the interest of large companies. Thanks to cryptocurrencies and social networks, they can reach for control of the market.
So we have nothing left but to hope in a moderate future in terms of cryptocurrency regulation. In any case, the statements and concerns of leading government officials are increasing.