ECB's Legarde: Cryptos are not currencies

Şükriye Akdeniz

Sep 17, 2021

ECB President Christine Lagarde argues that cryptocurrencies are not money, while she believes CBDCs are digital currencies that make life easier

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ECB Chairman Lagarde thinks the decentralized space is supported by a highly speculative asset class as to whether it is premature for crypto to set global purpose.
The President of the European Central Bank said:
“Cryptos are not currency, period! Cryptos are highly speculative assets that probably claim their reputation as currency, but they are not. I think we need to distinguish between highly speculative, occasionally questionable, and high-density cryptos in terms of energy consumption assets, but they are not a currency.”
Touching on the issues related to stablecoins, Lagarde emphasized that stablecoins are expanding rapidly with the help of big data.
The ECB Chairman said about stablecoins:
“On the other hand, you have stablecoins that need to be regulated, which are starting to proliferate, which some of the major technologies are trying to incentivize and push forward along the way. Regardless of what they call themselves, that's exactly what they're doing."
Christine Lagarde, who did not neglect to talk about CBDCs, made more positive statements for CBDCs compared to cryptos. The ECB President said that CBDCs are only planned to adapt to the age of technology. He also said that CBDCs are not like cryptos, they are centralized digital currencies that are less risky and make life easier in digital times.
“Customers have central banks and central banks that will make their central bank digital currencies fit for the century we live in. This is why we don't all look at CBDC. Instead of having notes and cash in our wallets, we can have the same thing, but in a digital form. That's why we're all working on it. Because I believe we have to be ready for that.”

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