European Central Bank (ECB) president candidate and International Monetary Fund (IMF) chief Christine Lagarde stated on Sept. 4 that central banks and financial supervisors should protect consumers but also be open to innovation such as cryptocurrencies.
During her opening statement, shared with Cointelegraph in an IMF press release, Lagarde told the Economic and Monetary Affairs Committee of the European Parliament that central banks and financial regulators should be open to the opportunities offered by change. She noted:
She also promised that, if she were to become the ECB president, her priorities would be commitment to the institution’s mandate and agility, inclusiveness and diversity. All while focusing on making sure that the institutions would promptly adapt to the rapidly changing environment.
As Cointelegraph reported in February, Lagarde claimed at the time that regulation of cryptocurrencies is “inevitable” and necessary on an international level. April she also said that blockchain innovators are “shaking the traditional financial world” and having a clear impact on incumbent players.
Changes are opportunities
During her opening statement, shared with Cointelegraph in an IMF press release, Lagarde told the Economic and Monetary Affairs Committee of the European Parliament that central banks and financial regulators should be open to the opportunities offered by change. She noted:
”In the case of new technologies – including digital currencies – that means being alert to risks in terms of financial stability, privacy or criminal activities, and ensuring appropriate regulation is in place to steer technology towards the public good. But it also means recognising the wider social benefits from innovation and allowing them space to develop.”
Lagarde’s promises
She also promised that, if she were to become the ECB president, her priorities would be commitment to the institution’s mandate and agility, inclusiveness and diversity. All while focusing on making sure that the institutions would promptly adapt to the rapidly changing environment.
As Cointelegraph reported in February, Lagarde claimed at the time that regulation of cryptocurrencies is “inevitable” and necessary on an international level. April she also said that blockchain innovators are “shaking the traditional financial world” and having a clear impact on incumbent players.
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Francisco Gimeno - BC Analyst If Lagarde becomes ECB's director the European crypto market would get another boost. EU is being proactive by not constraining innovations while at the same time regulating for investors and citizens' protection. It is time for more developed regulations and creation of a safe environment for crypt industries, investors, crypto users and the financial sector.