European Central Bank (ECB) President Christine Lagarde on Wednesday said more international cooperation is needed in order to regulate Bitcoin in order to turn it from “an asset” into a “currency”.
Speaking at an online forum, she said Bitcoin is a “highly speculative asset which has conducted some funny business” adding that a global answer is needed in order to prevent criminals from misusing it for money laundering.
“There has to be regulation, and this has to be agreed upon,” and a “multilateral action is absolutely needed whether it is initiated by either the G7 or G20.”
Lagarde also confirmed that she hopes a digital euro will be introduced within the next five years.
“Banknotes are there to stay, but we will have a digital euro, at last,” adding that it is still “hard to say” when it will happen.
Earlier, the ECB president admitting that China has made greater advancements in the field of digital currency than either the European Union or the United States.