Christine Lagarde reaffirms the ECB’s crypto policy as Bitcoin becomes legal tender in El Salvador – regulation Bitcoin News

The President of the European Central Bank (ECB), Christine Lagarde, has shared her opinion that El Salvador uses Bitcoin as legal tender. She confirmed that the central bank’s policy on Bitcoin and other cryptocurrencies has not changed.

The ECB’s Lagarde comments that El Salvador is making Bitcoin legal tender

ECB President Christine Lagarde gave her opinion last week on El Salvador’s move to make Bitcoin legal tender. The country passed a law last week that makes bitcoin legal tender alongside the US dollar.

Lagarde initially admitted that she “is no longer familiar with the situation in El Salvador” since leaving the International Monetary Fund (IMF). The ECB chief remarked: “I know that it is a country that falls under the IMF program.”

Lagarde pointed out that “the double tender issue is difficult in a given economy,” confirmed Lagarde:

That certainly doesn’t change our approach to crypto assets and the regulations, oversight and proper classification to which they should be subject to avoid misinformation and misleading representations.

After El Salvador passed the law making Bitcoin legal tender, the IMF said it sees legal and economic problems related to this move. A BIS official also recently commented that it was an “interesting experiment” but it did not change the BIS view of Bitcoin and other cryptocurrencies and insisted that BTC fail a currency test.

Lagarde warned last month that cryptocurrencies are prone to money laundering and have no intrinsic value. In January she said, “It is a highly speculative asset that has done some funny business and some interesting and utterly reprehensible money laundering activity.”

What do you think of Lagarde’s comments on Bitcoin? Let us know in the comment section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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