Is Bitcoin Regulation Coming Now?
- "There has to be regulation"
- "Weird deals" should "come to an end"
Christine Lagarde, President of the European Central Bank, or ECB for short, wants to regulate Bitcoin. "There has to be regulation," Lagarde told Reuters Next. It is important for the President of the ECB to create regulation on a global level: "If there is a loophole, then the loophole will be used."
“Some strange deals” had happened and “totally reprehensible money laundering activities” had taken place - Lagarde could not give a specific example.
Investing in cryptoassets is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk.
Is the digital euro coming now?
In addition, the ECB is planning a “digital euro”. In the course of a survey, they wanted to know from the participating interested parties what was important here - the respondents stated that data protection for payments (41 percent), security (17 percent) and the range within Europe (10 percent) are particularly popular to put the focus. In mid-2021 there should be an initial assessment of whether there can or will be a “digital euro” or not.
Bitcoin repeatedly falls into the line of the critics because it is not only very prone to fluctuations, but is also not behind any bank or government that has an influence on the crypto currency.
Lagarde isn't the first to call for regulation - it won't be the last either. From the current perspective, regulation simply does not seem possible. And that is exactly what makes Bitcoin so interesting.