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European Central Bank President: Bitcoin rules need to be adjusted

Speaking at Reuters online, the head of the European Central Bank said that bitcoin facilitates “fraudulent businesses” and should be regulated.

To Report “Bitcoin facilitates the operation of unhealthy businesses and has no choice but to develop regulatory frameworks,” said Christine Lagarde, former head of the International Monetary Fund and then-president of the European Central Bank.

Lagarde also described bitcoin as a speculative asset, much of which revolves around speculative activities.

The head of the European Central Bank added that the digital euro plan is being implemented by the institution under his management and expressed hope that its launch will be finalized within the next 5 years.

Since the introduction of Facebook’s Diem digital currency project, formerly known as Libra, the European Central Bank has been weighing in on the potential benefits and risks of the digital euro.

More details of Lagarde’s remarks at the event are set to be released in the coming hours.


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