The President of the European Central Bank (ECB), Christine Lagarde has come forward to comment on the development of crypto currency which is gaining mass attention. According to him, the probability of the central bank to hold cryptocurrencies is almost impossible at the moment.
Lagarde is still skeptical of with bitcoin despite the recent widespread acceptance of cryptocurrencies. Institutional investors and large corporations are beginning to invest in bitcoin to balance their balance sheets. However, European Central Bank (ECB) President Christine Lagarde does not see such a future in central bank financial institutions.
Yet he did not deny that the central bank would use digital currency, but he did not see that it was Bitcoin. The ECB has been working to develop its own central bank (CBDC) digital currency over the past 2 years.
On the other hand, Treasury Secretary Janet Yellen stressed the high risks from the digital market, including the misuse of cryptocurrencies although there is no denying that some new financial technologies are also capable of tackling crime and reducing injustice.
Yellen also said that innovation in the sector should provide solutions to the problems that arise and at the same time offer access to the financial system to millions of people around the world.
