ECB Chief Lagarde Calls describes Crypto as “Suspicious and Speculative” Assets

In an interview, Christine Lagarde shared her point of view on crypto and central bank Digital Currencies. She claimed that crypto assets are suspicious and speculation based assets. 

In the peer-to-peer conversation show of The David Rubenstein Show, Christine Lagarde, the governor of the European Central Bank, talked about her points of view in crypto and blockchain based on other assets. 

When the host asked Lagarde, what she thinks about Crypto. Then legarde stated that crypto assets are high speculation based elements. She also claimed that these are harmful for the environment, specially those crypto assets which are based on the Proof-of-work consensus. So indirectly she targeted Bitcoin, which is based on the Proof-of-work concept. 

However, Lagarde appreciated the blockchain based stablecoins. She said that stable coins are backed by fiat currency and also these are promoted by the many tech companies and better for the payment system. However recently, Lagarde stated that stablecoins are also crypto assets not currencies.

Related: ECB president says Stablecoins are assets ,not currencies

After that she added that Central Bank Digital Currency is also the best option over stable coins. 

She also believes that the central bank Digital Currency will more perfectly fit in the current century. And the ECB is trying their best to push the CBDCs in the agenda, So that they can replace fiat cash with Central Bank Digital Currency. While in the initial phases, customers will be able to use cash and CBDCs by their own choice side by side. 

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