European Central Bank Attacks Bitcoin Over Money Laundering Role

The European Central Bank has called for global regulation of Bitcoin over claims that the coin had been used for money laundering activities.

The President of the Bank, Christine Lagarde, made the call on Wednesday during the Reuters Next event.

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Lagarde said, “Bitcoin is a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity.”

The crypto currency had seen a boom after it rose over ten times its price in less than a year. It had surged to $42,000 on January 8, 2021.

The currency has emerged as a digital cash in the digital world, but there have been huge concerns over the prospect of the crypto currency across the globe.

Bitcoin gives a huge level of anonymity to its traders giving room for illicit activities.

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The bank governor said, “For those who had assumed that it might turn into a currency- terribly sorry, but this is an asset and it’s a highly speculative asset which has conducted some funny business and some interesting and totally reprehensible money-laundering activity.

“There has to be regulation. This has to be applied and agreed upon at a global level because if there is an escape that will be used.”

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