former IMF director and current director of the European Central Bank Christine LagardeCriticism of the crypto money sector yesterday at the last minute. From our Twitter account we share:
– Bitcoin System (@bitcoinsystem) September 16, 2021
lagarde David rubenstein Emphasizing that cryptocurrencies are not actually “money,” he underscored the need to put an end to this.
Lagarde claimed that cryptocurrencies, whose value is indexed to fiat currencies, known as stablecoins, are introduced by tech companies, but that they are actually in favor of central bank digital currencies and do not see them as dangerous.
While giants like Facebook are rolling up their sleeves to launch their own stablecoins, according to Lagarde, the fact that central banks launch their own digital currencies will change the situation.
Cryptocurrencies are not money and they harm the environment!
The famous name claimed that cryptocurrencies are “speculative” assets rather than real money, emphasizing that they also have very high energy consumption. According to Lagarde, proof-of-work cryptocurrencies, like the main cryptocurrency Bitcoin, are definitely harming the environment.
Lagarde also stated that stablecoins should be regulated and stressed that they should not be included in the money statement in any way.
Lagarde has previously made serious criticisms of cryptocurrencies and can be expected to continue with his harsh statements in the coming months. As the date of the Euro Digital project approaches, these criticisms may increase and even bans may be seen.
Reaction of many famous people
Making such statements, especially for cryptocurrencies, is not acceptable according to many famous names. These expressions, which are generally heard by the elderly, are accused of being “old-fashioned”. Because in the latter situation, as seen in El Salvador, even the states now see Bitcoin as the official currency. Speeches such as “cryptocurrencies are useless, not money, they are worth nothing”, which are generally heard from people who have adapted to the old system and are older, were also made for the Internet in the first years of its existence. In this context, reactions continue to come from many famous names who see such comments as unrealistic.
Furthermore, Bitcoin is seen as a competitor and a threat to digital currencies to be issued within the central bank. Stating that this is exactly the reason why China has taken a negative attitude towards Bitcoin, experts underline that statements made by central banks should also be evaluated in this context.