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Economist hits back at ECB president’s remarks about crypto regulations.

The president of the European Central Bank has called for greater regulation of bitcoin, as she linked its use to global criminality and money laundering.


Daniel Lacalle, fund manager and chief economist at Tressis Gestion, commented on European Central Bank president Christine Lagarde’s recent remarks about bitcoin and crypto regulation in an interview with NTD Business. He said what Lagarde implied was “outrageous” and “dangerous” for cryptocurrency regulation. Tressis Gestion provides investment management, financial planning, investment strategies, and advisory services to Spain customers. “Obviously, Ms. Lagarde does not have the power to implement legislation relative to cryptocurrencies,” he stated.

 

“Governments would be happy to implement strict crypto regulations.”

The economist also admitted that the ECB president “is an important voice in Europe and a very important voice in the financial world. So, her comments are heard.” Lacalle believes that “numerous governments would be very, very happy to implement strict regulations on cryptocurrencies,” noting that it is “fundamentally because, as we are seeing, cryptocurrencies are rising dramatically as a response to a very aggressive policy from central banks.” He added that “the European Central Bank is probably the one that’s conducting the most aggressive monetary policy of them all. 

 

ECB president emphasizes the need for bitcoin regulation. 

As reported earlier, the ECB president said that bitcoin has conducted “some funny business and some interesting any reprehensible money laundering activity. “There have to be regulations, and this has to be applied and agreed upon,” at a global level, she further noted. “If there is an escape, that escape will be used,” she said. “Global cooperation and multilateral action are absolutely needed, whether the G-7 initiates it, moved into the G-20, and then enlarged,” ECB President added. ECB President also spoke about central bank digital currencies (CBDCs) at the conference. She said the ECB recently concluded a consultation of the general public about the digital euro, and it has received the “highest level of responses” to the consultation.   



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