---

Cryptocurrencies 'Suspicious and Speculative', Says President of European Central Bank

The President of the European Central Bank, Christine Lagarde, termed cryptocurrencies as "highly speculative and suspicious," and challenged their legitimacy, according to the latest reports.

The bank's chief executive spoke out against the up-and-coming digital currencies while also sharing her thoughts on whether cryptos will be advantageous to the global economy in the future.

The views of Lagarde on cryptocurrencies are shared by a number of other central banks around the world. She also mentioned that crypto transactions use a lot of energy and that cryptocurrencies aren't real currencies.

Lagarde's statement, as reported by TechStory on Friday, comes at a time when crypto trading is picking up steam around the world. According to the statistics site CompareCamp, there are over 350,000 Bitcoin transactions each day, with an average of 14,904 per hour, or four per second.

Countries such as Russia and China have recently increased their criticism of cryptocurrencies. Many governments, including China, Russia, Morocco, and Bolivia, have expressed worry about the international transfers of these untraceable cryptocurrency for nefarious objectives that could jeopardise national security.

Lagarde's statement, as reported by TechStory on Friday, comes at a time when crypto trading is picking up steam around the world. Statistics platform, there are over 350,000 Bitcoin transactions per day, with an average of 14,904 transactions per hour, or four transactions per second.

Countries such as Russia and China have recently increased their criticism of cryptocurrencies. Many governments, including China, Russia, Morocco, and Bolivia, have expressed worry about the international transfers of these untraceable cryptocurrency for nefarious objectives that could jeopardise national security.

Despite a recent survey indicating that cryptocurrencies are gaining popularity in India, the country's future for cryptocurrencies remains unknown. The introduction of a government bill to Parliament proposing a ban on digital currencies has been postponed. In March of 2021, it was due.

While over 150 countries, including the United Kingdom, the United States, India, and Canada, allow crypto transactions and trade, Lagarde has lambasted the corporations who promote cryptocurrency use.

What are your thoughts on the European Central Bank president's as she calls crypto suspicious?  Do you think this article reflects a loss of control by banks? Please let us know in the comments section below. Also, please like and share our information with your friends if you found it useful.