Bitcoin prices drifted higher on Wednesday, breaking away from bearish calls as Christine Lagarde raised the need to regulate it at the global level.
In an interview with Reuters, the European Central Bank President said that Bitcoin is a highly speculative asset that has facilitated “some reprehensible activity,” such as money laundering, adding that “there has to be regulation” to control its misuse on an international scale.
“This has to be applied and agreed upon […] at a global level because if there is an escape that escape will be used,” she added.
ECB President Christine Lagarde called for global regulation of #Bitcoin, saying the digital currency had been used for money laundering activities in some instances and that any loopholes needed to be closed. Follow #ReutersNext updates here: https://t.co/4MgFy4jnw5 pic.twitter.com/qlBtoDuZLW
— Reuters (@Reuters) January 13, 2021
The statements appeared in the wake of Bitcoin’s sharp decline from its record high this week. The flagship cryptocurrency got