Unlike a digitaleuro, cryptocurrencies have no underlying asset, ECB President Lagarde insists.
) are down 50% from their peak prices in 2021, Bloomberg reported. Cryptocurrencies are also facing mounting pressure and increasing scrutiny from regulators around the world, often citing threats to the financial system.
“The day when we have the central bank digital currency out, any digital euro, I will guarantee — so the central bank will be behind it and I think it’s vastly different than many of those things,” Christine Lagarde elaborated. The governor noted she doesn’t hold any crypto assets but admitted one of her sons has invested in crypto against her advice and she follows them “very carefully.”
Lagarde’s statements also come after other ECB officials have already expressed similar concerns. In April, Executive Board Member Fabio Panettathe bank’s anti-crypto rhetoric, comparing the rise of crypto assets to the 2008 subprime mortgage crisis and the Wild West’s gold rush, while calling for global regulations.
More recently, Panetta said the digital euro could become a reality by 2026, setting a time frame for its launch. The project is currently in its
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