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European Central Bank (ECB) President Christine Lagarde shared her views on El Salvador making bitcoin legal tender. She confirmed that the central bank’s policy on bitcoin and other cryptocurrencies had not changed.
ECB Lagarde comments on El Salvador making bitcoin legal
ECB President Christine Lagarde shared her views last week on El Salvador’s decision to make bitcoin legal tender. The country passed a bill last week to make bitcoin legal tender alongside the US dollar.
Lagarde initially admitted that since she left the International Monetary Fund (IMF), she “no longer knows the situation in El Salvador”. The head of the ECB noted: “I know that this is a country that is part of the IMF program.
While stressing that “the issue of double tendering in a particular economy is difficult”, confirmed Lagarde:
This certainly does not change our approach to crypto assets and the regulations, supervision and proper classification to which they should be subject to avoid disinformation and misleading representations.
After El Salvador passed the bitcoin legal tender bill, the IMF said it saw legal and economic issues with the move. A BIS official also commented recently that it was an “interesting experiment” but that it does not change the BIS ‘perspective on bitcoin and other cryptocurrencies, insisting that BTC fails a payment method test.
Lagarde warned last month that cryptocurrencies are prone to money laundering and have no intrinsic value. In January, she said: “It is a highly speculative asset, which has conducted some fun and interesting and totally reprehensible money laundering deals.”
What do you think of Lagarde’s comments on bitcoin? Let us know in the comments section below.
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