Investors suffered a lot due to heavy selloff in the crypto market earlier this month.

special things

  • Last year Lagarde said that bitcoin was being misused.

  • She has condemned the excessive consumption of energy in bitcoin mining.

  • EU Regulators Warn People Against Cryptocurrencies

European Central Bank (ECB) chief Christine Lagarde has called cryptocurrencies 'useless'.

Even before this, Lagarde has had a negative attitude towards cryptocurrencies.

They believe that they are not based on anything and they should be strictly regulated.

Lagarde said in a television show that investors who invest in bitcoin and altcoins are disappointed because the industry does not have proper regulations.

Earlier this month, investors suffered a lot due to heavy selling in the crypto market.

Lagarde said, “I have already stated that crypto assets are speculative and carry a lot of risk. If you want to invest in them, it is your decision. My assessment is that it is worth nothing and it Not based on anything. There are no assets associated with these that can provide security. I will guarantee when the Central Bank Digital Currency (CBDC) is launched. The central bank will be behind it." 

Last year Lagarde said that bitcoin is being used on a large scale for money laundering.

French banker and politician Lagarde has called for stricter regulations for cryptocurrencies in the European Union.

She has also condemned the excessive consumption of electricity in bitcoin mining.

However, Lagarde also stated that she monitors the situation in cryptocurrencies because her son has invested in it against her advice.

Lagarde said she does not own any cryptocurrency and wants to follow the advice she gives to people.

"My son's investment in bitcoin hasn't changed my mind about bitcoin," he said.

European Union authorities have earlier warned people to be cautious about investing in cryptocurrencies.

Recently, the Central Bank of Britain said that the use of bitcoin as a means of payment is not right.

People have been warned several times by regulators in the UK against investing in cryptocurrencies.