Archives for January 16, 2021

European Central Bank(ECB) president Christine Lagarde demands for the global regulation of Bitcoin. She stated that Bitcoin is an exceedingly risky asset that facilitates some silly businesses. ” Highlighting that jointly work is required for nations to regulate the Bitcoin.”

In an interview with Reuters, she said, “It’s a highly risky asset, which has to regulate some funny business and some interesting and totally reprehensible money laundering activity.” 

She further emphasized, “There has to be regulation. This has to be applied and agreed upon at a global level because if there is an escape that escape will be used”. The ECB president explained,

I assume that illegal activities have taken place, and I explain it openly that there has to be regulation for Bitcoin.

Christine Lagarde said, it’s a problem that requires to be recognized at a global level, I think cooperation at a global and multicultural level is surely needed whether initiated at G7 level, moved into G20, and then expanded.

Nigerians have more interest in Bitcoin around the world as top on google searches of Bitcoin.

In a recent Google report, Nigeria is considered as a top-ranking country in Bitcoin searches to the rest of the world. Nigeria is one of the largest economies in Africa, with more than 200 million population and has the highest interest in cryptocurrency.

A huge number of youngsters in Nigeria are taking advantage of cryptocurrency to avoid various challenges often they face in regular money transfer services like high transactions fee and slow processes.

Nigerians not only utilize Bitcoin and altcoins for long-term holding but also for financial purposes due to easy transactions around the globe.

“It is worthy to note that bitcoin is still a volatile asset. The upside of this is that one can make a significant amount of profit in a short time frame,” said Ojieh.