European Central Bank president pushes for crypto regulation

The ECB president stated that she’s concerned about people who have no understanding of the risks, who will lose it all and who will be terribly disappointed. As Bloomberg later contextualizes, Lagarde’s comments come to the public discourse while digital currencies Bitcoin and Ether fell 50% from 2021’s peak. At the same time, crypto is facing higher scrutiny from regulators worried about the dangers it may pose to the broader financial system.

Lagarde said she’s skeptical of crypto’s value, contrasting it with the ECB’s digital euro -- a project that may come to fruition in the next four years.