Central Bank of Europe President Christine Lagarde, in an interview with Reuters, spoke about Bitcoin. Christine made her position on cryptocurrency clear, calling for 'global level' regulation of Bitcoin to avoid 'interesting and totally reprehensible money laundering activities'.
(Bitcoin) is a highly speculative asset, which has led to some funny business and some interesting and totally reprehensible money laundering activities. (…) There must be regulation. This has to be applied and agreed upon … on a global level, because if there is a leak, that leak will be used.
In recent years, Bitcoin has ceased to be just a project or asset known only on internet forums, and has gained worldwide spotlight, with more and more large institutions eyeing cryptocurrency.
The regulation of the cryptocurrency market has been the subject of debate by several international entities. And Christine already understood why global regulation would be necessary for Bitcoin to be hit hard.
As cryptocurrencies open the door to an intra-border payment system, national regulations are practically ineffective, as these assets are not limited to country borders and can be used globally through the world wide web.
Was it even possible that all, or at least the vast majority, of the countries in the world collaborated in global regulation of cryptocurrencies? Would we see Jewish, Arab, Chinese, American and other ethnic governments cooperating in defense of traditional currencies?
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Bitcoin causing concern
Like candle producers during the invention of the lamp, central banks around the world fear the replacement of money as we know it with superior technology. And yes, central banks have already understood that blockchain technology enables an evolution of the concept of money.
Not surprisingly, a survey by Deutsche Bank claims that 80% of central banks around the world are working on the development of CBDCs (Central Bank Digital Currencies). In Brazil, Economy Minister Paulo Guedes has said that central banks around the world were chasing blockchain to survive.
In the coming years, we will see a structural change in money as we know it, either by a decentralized digital revolution or by the global adoption of blockchains by national governments.
Read more: “Everyone should have exposure to bitcoin”, says XP CEO Guilherme Benchimol
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