ECB President Calls for Regulating Bitcoin

There is a need for the global regulation of Bitcoin, according to the President of the European Central Bank (ECB), Christine Lagarde, Reuters reported.

Lagarde believes that global cooperation is needed to stand in the face of what she called funny business and money laundering using the cryptocurrency, which she said that it “has conducted some funny business and some interesting and totally reprehensible money laundering activity.”

“There has to be regulations, and this has to be applied and agreed upon. It is a matter that needs to be agreed at a global level, because if there is an escape, that escape will be used.”

“It shows that global cooperation, multilateral action is absolutely needed.”

“Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors’ money.”

“If consumers invest in these types of product, they should be prepared to lose all their money.”

“For those who had assumed that it might turn into a currency—terribly sorry, but this is an asset.”