European Central Bank President Christine Lagarde Says Crypto Assets Are Worth Nothing: Report

European Central Bank President Christine Lagarde Says Crypto Assets Are Worth Nothing: Report
Written by Arindam

European Central Bank (ECB) President Christine Lagarde reportedly believes that crypto assets have zero value.

According to a Politico report, Lagarde says cryptos are “worth nothing” and are merely speculative assets.

“I have said all along the crypto assets are highly speculative, very risky assets. My very humble assessment is that it is worth nothing. It is based on nothing, there is no underlying assets to act as an anchor of safety.”

The ECB President, however, says that she would welcome a central bank digital currency designed for the European Union.

“The day when we have the central bank digital currency, any digital euro, I will guarantee it. So the central bank will be behind it. I think that is vastly different from any of those things.”

Lagarde’s views of crypto assets are unsurprising based on her previous comments.

In September of 2021, the ECB President said crypto assets do not fit the definition of a currency.

“Cryptos are not currencies – full stop. Cryptos are highly speculative assets that claim their fame as currency, but they are not.

I think we have to distinguish between cryptos that are highly speculative, suspicious occasionally, and high-intensity in terms of energy usage. Assets, but not a currency.”

Lagarde’s stance on crypto is in stark contrast to that of Salvadoran President Nayib Bukele, who has emerged as a vocal Bitcoin (BTC) advocate.

Last week, Bukele announced a meeting with representatives from the central banks of 32 countries meant to discuss “financial inclusion, digital economy, banking the unbanked, the Bitcoin rollout and its benefits in our country.”

El Salvador designated Bitcoin as a legal tender in 2021. Last month, the Central African Republic followed suit.

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