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ECB Prez Christine Lagarde says crypto 'worth nothing', should be regulated

Lagarde said she's skeptical of crypto's value, contrasting it with the ECB's digital euro -- a project that may come to fruition in the next four years

Christine Lagarde, president of the European Central Bank (ECB), speaks during a news conference in Frankfurt, Germany. (Photo: Bloomberg)
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Christine Lagarde, president of the European Central Bank (ECB), speaks during a news conference in Frankfurt, Germany. (Photo: Bloomberg)

Cagan Koc | Bloomberg
European Central Bank President Christine Lagarde said crypto-currencies are “based on nothing” and should be regulated to steer people away from speculating on them with their life savings.

Lagarde told Dutch television that she’s concerned about people “who have no understanding of the risks, who will lose it all and who will be terribly disappointed, which is why I believe that that should be regulated.”

The comments come amid choppy times for crypto markets, with digital currencies Bitcoin and Ether down 50% from last year’s peak. At the same time, the asset class is facing tougher scrutiny from regulators worried

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First Published: May 21 2022 | 10:09 AM IST

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