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• Christine Lagarde believes crypto is worth nothing
President of the European Central Bank (ECB), Christine Lagarde, has insisted that, unlike a digital euro, cryptocurrency has no underlying asset.
“My very humble assessment is that it is worth nothing, it is based on nothing, there is no underlying asset to act as an anchor of safety,” she said.
The ECB official added that cryptocurrency should be regulated to prevent people from losing their life savings by speculating on crypto assets.
Speaking to Dutch TV, Lagarde admitted her skepticism about the value of crypto assets, as opposed to the digital euro, which the ECB is planning to issue within the next few years.
A digital euro would be “vastly different” from private cryptocurrencies, Lagarde said.
Lagarde’s comments come at a time when the scrutiny over cryptocurrency has increased following the collapse of cryptocurrency venture Terra.
Inputs from Bitcoin.com
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