Bitcoin is 'highly speculative' and needs to be regulated, says ECB's Lagarde
European Central Bank President Christine Lagarde has said that bitcoin is "highly speculative" and needs to be regulated.
Speaking at the Reuters Next conference on Wednesday, Lagarde said bitcoin has conducted "some funny business and some interesting and totally reprehensible money laundering activity."
"And there has to be regulations and this has to be applied and agreed upon," at a global level, said Lagarde. "If there is an escape, that escape will be used. So I think [...] global cooperation and multilateral action is absolutely needed, whether it is initiated by the G-7, moved into the G-20 and then enlarged [...] And the FATF is clearly an organization that has expanded in that respect."