July 8, 2019 / news

European Central Bank’s Policy On Cryptocurrencies May Change

imf cristine lagard

Many members of the crypto community believe that the policies of the European Central Bank (ECB) on cryptocurrencies may change for the better. This will contribute to the new president of the organization as Christine Lagarde.

Lagarde has repeatedly expressed her views on digital assets. For example, in April, she stated that financial institutions and regulators underestimate the potential of virtual currencies. However, she believes that digital assets are “shaking the system,” which could ultimately lead to a destabilization of the economy. That is why the blockchain and cryptocurrency technology cannot be ignored at the global level.

The previous president of the ECB, Mario Draghi, noted the high risk of virtual currencies. Unlike his predecessor, Lagarde is aware of the importance of developing a plan for interacting with the crypto industry, which is due to the fact that large transnational corporations and technology start-ups are starting to invest billions of dollars in the digital economy. Interest in cryptocurrencies is shown by leading banks (J.P. Morgan), investment funds (Fidelity Investments) and social networks (Facebook).

Representatives of the crypto industry hope that the ECB will take legislative measures to promote the development of the blockchain industry. Christine Lagarde has experience in various positions, so she can evaluate cryptocurrencies from different perspectives and develop a new approach to regulation.


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