President of the European Central Bank: Cryptocurrency is not a currency

European Central Bank President Christine Lagarde in an interview with Bloomberg called cryptocurrencies speculative assets and bluntly stated that they are not a real currency. Billionaire David Rubenstein, addressing Christine Lagarde, asked if cryptocurrencies, which continue to gain popularity, have a positive impact on the global economy, or if it is too early to talk about this topic.

Cryptocurrency is not a currency. Point. Cryptocurrencies are highly speculative assets that claim to be a currency but are not. This is not currency. -Christine Lagarde

The President of the European Central Bank added that it is necessary to distinguish between cryptocurrencies and so-called stable coins. This is the name for cryptocurrencies that are tied to stocks of conventional currencies, gold, or oil. Stablecoin exchange rates are subject to fewer fluctuations than other cryptocurrencies.

Christine Lagarde noted that while stable coins should be regulated by the relevant supervisory authorities.

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