Anti-crypto flu under the guise of AML spreads to the European Central Bank (ECB), after hitting the United States and other countries. The President of the ECB has expressed her position on cryptocurrencies, by omission laundering fiats when it comes to money laundering.
Christine Lagarde is also doing it!
The president of the BCE, Christine Lagarde believes that cryptocurrencies are used for money laundering.
During a webinar organized by the European University Institute on May 7, 2021, Christine Lagarde indicated that ” there are crypto-assets (…) in which people are free to invest and take total risk, and there are particular cryptocurrencies that are, in my opinion, so prone to money laundering activities “
It also agrees with the point of view of the governor of Bank of England, Andrew Bailey indicating that cryptocurrencies have no intrinsic value.
Bailey is a longtime crypto-skeptic. He did not fail to reiterate his position during a press conference on May 6, 2021: “ I will say it again very bluntly. Only buy if you’re willing to waste all your money “.
The dollars are green, the fiats are white as snow
The guard indicates that cryptocurrencies are different from stablecoins and central bank digital currencies (CBDC). The digital euro of the BCE therefore does not appear in the list of their competitors.
The president of the BCE has repeatedly expressed his concerns about the issues of cryptocurrency. According to her, these are ” highly speculative assets that generate fun businesses and interesting and totally reprehensible money laundering activities “.
Many cryptophiles have reacted to these criticisms of The guard, including the fund manager and chief economist of Tressis Management, Daniel Lacalle : ” this is absolutely outrageous when we all know that the vast majority of money laundering in the world is done in fiat currencies, especially US dollars and euros “.
What if crypto-activists start investigating and pulling out the numbers as to how much money is laundered through fiats and the traditional banking system? Cryptophiles could thus express their concern in this area, but also in relation to the misuse of the printing press by central banks around the world. Even if it means making speeches only to harm the other camp …
Fashion is good, but blockchain is the future, we agree, right ?! It’s a great opportunity and an evolving sector! On a daily basis, my job is to try to popularize cryptos / blockchains as well as possible, which appear to be far too technical.
The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.