What Does the New EBC President Mean For Crypto?

1 min reading
What Does the New EBC President Mean For Crypto?

Christine Lagarde is to become the new president of the European Central Bank. Up until now, Lagarde looked rather kindly on cryptocurrencies, but recently it has diametrically changed.

About the new president of the ECB

Christine Lagarde is a French woman who held various positions in the French government in 2005-2011. She was the minister of consecutively: trade, agriculture, economy, finance and industry. Since 2011, she is the Managing Director of the International Monetary Fund. She is highly respected by the Forbes magazine, which has placed her several times on its list of the most influential women in the world. When it came to cryptocurrencies, for many years Lagarde has been showing interest in the topic. She even had an idea that every country should introduce its own, national cryptocurrency in order to help strengthen local economies. It is in a way a negation of the idea of digital assets that are decentralized by nature. In April, Christine Lagarde gave an interview to CNBC, in which she constrained herself from praising the cryptocurrency industry:
I think that the role of everything that uses distributed register technology - no matter if it is cryptocurrencies, assets or anything else - shakes the system too much. We do not want to lose the stability that we need so much.

What does the Lagarde's choice mean for crypto?

The future head of the ECB is much more open about cryptocurrencies than her predecessor, Mario Draghi. As mentioned above, on the other hand, her views differs significantly from the concept of the cryptocurrency industry. Mati Greenspan, an analyst at eToro tries to explain the topic more broadly:
[Lagarde] she does not support Bitcoin directly, but she definitely dvocates for state cryptocurrencies, such as JPM Coin, or settlement tokens like XRP. Nevertheless, the entire industry will benefit from a person who is favorable to cryptocurrencies.

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