Crypto Is “Worth Nothing” and Should Be Regulated, ECB President Says

European Central Bank (ECB) President Christine Lagarde recently shared her stance on cryptocurrencies, noting that digital assets are not only risky but also worthless, Bloomberg reported last weekend.

“My very humble assessment is that it is worth nothing, it is based on nothing, there is no underlying asset to act as an anchor of safety,” she said.

ECB President: Crypto Assets Should Be Regulated

According to Lagarde, crypto assets should be stringently regulated to discourage investors from investing in them. The ECB president said she is worried about individuals who have no knowledge of the risks associated with investing in digital assets that can cause them to lose all their money.

Lagarde also noted that she does not hold any crypto assets because she wants to practice what she preaches. However, she revealed that one of her sons has invested in crypto on his own free will.

She went further to compare crypto assets to the ECB’s digital euro, saying that unlike the central bank digital currency (CBDC), which will be issued by the European Central Bank, crypto has no issuing or regulating authority which makes them unsafe.

“The day when we have the central bank digital currency out, any digital euro, I will guarantee — so the central bank will behind it and I think it’s vastly different than many of those things,” she said.

Lagarde Continues to Blast Crypto

Meanwhile, this is not the first time Christine Lagarde and other ECB officials have attacked cryptocurrencies.

Last year, executive board member of the bank Isabel Schnabel said Bitcoin can’t be considered money because it “does not fulfill the basic properties of money.”

Earlier this year, Lagarde called for global regulation of Bitcoin, saying that crypto assets are being used for money laundering activities.

Lagarde’s most recent comments come at a time when the crypto market is facing turmoil following the Terra LUNA saga.