Cryptocurrencies ‘Suspicious and Speculative’, Says President of European Central Bank

According to reports, the President of the European Central Bank, Christine Lagarde, described cryptocurrency as “highly speculative and suspicious” because it ignores its credibility. The top boss of Frankfurt Bank opposed the emerging digital currency and revealed her thoughts on whether future cryptocurrencies will be beneficial to the global economy. Lagarde’s views on cryptocurrencies are consistent with the views of several other central banks around the world. She also pointed out that crypto transactions consume a lot of energy and said that cryptocurrencies are not real currencies.
As TechStory reported on Friday, Lagarde’s statement was issued at a time when cryptocurrency trading is accelerating globally. Statistics platform CompareCamp reports that there are more than 350,000 Bitcoin transactions per day, an average of 14,904 transactions per hour or four transactions per second.
Recently, criticism of cryptocurrencies has increased in countries such as Russia and China. The governments of many countries, including China, Russia, Morocco, and Bolivia, have expressed concern about the international transfer of these undetectable cryptocurrencies. These cryptocurrencies are used for notorious purposes and may pose a threat to national security.
Although a recent report pointed to India’s growth, the future of the country’s cryptocurrency remains uncertain. His government’s proposal to the parliament to ban digital currencies has been postponed. It was originally scheduled to expire in March 2021.
Although more than 150 countries, including the United Kingdom, the United States, India, and Canada, allow cryptocurrency transactions and transactions, Lagarde criticized companies that promote the adoption of cryptocurrencies.

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