Highlights

  • ECB President presses for regulation for crypto assets
  • Crypto meltdown has led to many investments being worth nothing over the last one month

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Crypto is worth nothing! Europe's central bank chief seeks strict regulation

Tether, the multibillion dollar “stablecoin” has paid out $10bn  in withdrawals since the crypto crash started in early May

RBI has a backer in the European Central Bank President when it comes to their stand against crypto. ECB President Christine Lagarde said crypto-currencies are “based on nothing” as she renewed her call for regulation.

"I have said all along the crypto assets are highly speculative, very risky assets," Lagarde told the Dutch television show College Tour. “My very humble assessment is that it is worth nothing. It is based on nothing, there is no underlying asset to act as an anchor of safety.”

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As trillions of investments have gotten wiped out from the crypto collapse, Lagarde warned that many have no understanding of the risks, and will lose it all and pressed strongly for strict regulations.

Tether, the multibillion-dollar “stablecoin” that functions as the largest bank in the cryptocurrency economy, has paid out $10bn in withdrawals since the crypto crash started in early May as most digital tokens have halved in value from their recent bull run.

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