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Christine Lagarde: Speculative Bitcoin needs to be regulated

The head of the European Central Bank (ECB) Christine Lagarde called bitcoin a speculative asset subject to regulation. Writes about this The Block.

According to her, the network of the first cryptocurrency became a platform for running “fun business and totally reprehensible money laundering operations.” Speaking at the Reuters Next conference, Lagarde urged countries to work together to create rules “at the global level.”

“Obviously, this should be done by the Financial Action Task Force on Money Laundering (FATF),” Lagarde said.

Lagarde also said that at least eight thousand experts took part in public discussions on the creation of a digital euro.

The head of the ECB did not name a specific timeline for launching the asset, noting that it would take “a long period of time” to come up with a safe solution. Lagarde said she hoped it would take no more than five years.

In December, the head of the ECB saw the proliferation of stablecoins as a threat to financial stability and monetary sovereignty.

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