Monday, March 8, 2021

ECB chief says central banks holding bitcoin is ‘out of the question.’

The Takeaway:

The head of the European Central Bank, Christine Lagarde, thinks that central banks worldwide will not be holding Bitcoin any time soon.

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The head of the European Central Bank (ECB), Christine Lagarde, thinks that central banks worldwide will not be holding Bitcoin any time soon. In a conference call with The Economist on Feb. 10, the ECB chief showed herself to be firmly risk-off when it came to decentralized cryptocurrencies. “It’s very unlikely — I would say it’s out of the question,” she responded when asked about central banks holding Bitcoin in the future. Institutions have been showing an increased interest in bitcoin.

 

ECB head has called for bitcoin regulation in the past. 

The ECB head has long derided Bitcoin, which has surged at a time when the ECB prints huge amounts of liquidity in an attempt to shore up its financial jurisdiction after a year of government-imposed lockdowns. As reported earlier, Lagarde had called for better regulation of cryptocurrencies worldwide. Nonetheless, the ECB is “doing its best” to promote Bitcoin by accident, the bestselling author of “The Bitcoin Standard,” Saifedean Ammous, tweeted. He referenced another ECB event this week, which yielded signs that consumers throughout the Eurozone bloc may be grappling with negative interest rates within years.

 

Regulators around the world continue to monitor the growing crypto industry. 

Though crypto regulations in most countries are still in grey areas, however, regulators are actively monitoring the growing crypto industry. Several countries are ahead of the curve in regulating the crypto industry, including South Korea, Switzerland, and many others. The crypto industry has gained mainstream attention in recent years as bitcoin witnessed a massive winning rally at the start of the year and continues to do so. Indian lawmakers recently revealed the intention to ban all cryptocurrencies and issue a framework for a digital rupee. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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