Economist Slams ECB Chief Lagardes Bitcoin Remarks as Dangerous for Cryptocurrency Regulation

Wednesday 20 January 2021, 12:53 PM AEST - 1 month ago

Economist Slams ECB Chief Lagardes Bitcoin Remarks as Dangerous for Crypto Regulation

Responding to European Central Bank (ECB) President Christine Lagardes recent remarks about bitcoin, the chief economist at investment firm Tressis said what Lagarde implied was outrageous and dangerous for cryptocurrency regulation.

Economist Says Governments Would Be Happy to Implement Strict Crypto Regulations

Daniel Lacalle, fund manager and chief economist at Tressis Gestion, commented on Christine Lagardes recent remarks about bitcoin and crypto regulation in an interview with NTD Business on Sunday. Tressis Gestion provides investment management, financial planning, investment strategies, and advisory services to customers in Spain.

Obviously, Ms. Lagarde does not have the power to implement legislation relative to cryptocurrencies, he began. However, the economist admitted that the ECB president is an important voice in Europe and a very important voice in the financial world. So, her comments are heard.

Lacalle believes that numerous governments would be very very happy to implement strict regulations on cryptocurrencies, noting that it is fundamentally because, as we are seeing, cryptocurrencies are rising dramatically as a response to a very aggressive policy from central banks. He added that the European Central Bank is probably the one thats conducting the most aggressive monetary policy of them all, emphasizing that Its balance sheet is already 61% of the GDP of the eurozone, while for example the Feds is about 34% The economist elaborated:

Central banks dont like competition in the creation of money and obviously cryptocurrencies are competition and are a consequence of these aggressive monetary policies.

Lagardes Remarks About Bitcoin Are Extremely Dangerous and Outrageous

When asked about how regulations would affect crypto investors, Lacalle emphasized that regulation is not bad if it is to facilitate transparency and to improve access to crypto assets for small investors. For regulations that improve the level of transparency, liquidity and the availability of an asset, he said, That is fine.

However, the economist warned: I think that the problem is when they talk about regulations ...

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