ANL 28.52 No Change ▼ 0.00 (0%)
ASC 16.68 Decreased By ▼ -0.03 (-0.18%)
ASL 23.76 Increased By ▲ 0.01 (0.04%)
AVN 94.24 Increased By ▲ 0.34 (0.36%)
BOP 9.47 No Change ▼ 0.00 (0%)
BYCO 9.56 Decreased By ▼ -0.02 (-0.21%)
DGKC 110.50 No Change ▼ 0.00 (0%)
EPCL 47.45 No Change ▼ 0.00 (0%)
FCCL 21.28 Increased By ▲ 0.13 (0.61%)
FFBL 27.97 No Change ▼ 0.00 (0%)
FFL 19.28 Increased By ▲ 0.01 (0.05%)
HASCOL 14.31 No Change ▼ 0.00 (0%)
HUBC 86.00 No Change ▼ 0.00 (0%)
HUMNL 7.30 Increased By ▲ 0.04 (0.55%)
JSCL 31.47 No Change ▼ 0.00 (0%)
KAPCO 40.73 No Change ▼ 0.00 (0%)
KEL 4.11 Increased By ▲ 0.01 (0.24%)
LOTCHEM 16.20 Increased By ▲ 0.01 (0.06%)
MLCF 43.02 No Change ▼ 0.00 (0%)
PAEL 39.86 Increased By ▲ 0.01 (0.03%)
PIBTL 12.91 Increased By ▲ 0.01 (0.08%)
POWER 11.40 No Change ▼ 0.00 (0%)
PPL 93.29 No Change ▼ 0.00 (0%)
PRL 23.80 No Change ▼ 0.00 (0%)
PTC 9.30 No Change ▼ 0.00 (0%)
SILK 1.20 No Change ▼ 0.00 (0%)
SNGP 44.33 Decreased By ▼ -0.02 (-0.05%)
TRG 108.48 No Change ▼ 0.00 (0%)
UNITY 33.15 No Change ▼ 0.00 (0%)
WTL 1.12 No Change ▼ 0.00 (0%)
BR100 4,856 Decreased By ▼ -9.94 (-0.2%)
BR30 24,724 Decreased By ▼ -96.85 (-0.39%)
KSE100 45,868 Decreased By ▼ -116.42 (-0.25%)
KSE30 19,061 Decreased By ▼ -87.18 (-0.46%)
Markets

ECB's Lagarde calls for regulating Bitcoin's ‘funny business’

  • Bitcoin has come out of its niche in recent years and is now bought by ordinary people, investment funds and even large corporations.
  • (Bitcoin) is a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity,
13 Jan 2021

FRANKFURT: European Central Bank President Christine Lagarde called on Wednesday 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.

Bitcoin has come out of its niche in recent years and is now bought by ordinary people, investment funds and even large corporations. Some have even taken out loans to buy more of the cryptocurrency, whose value has increased almost tenfold since last March.

But its largely anonymous nature has raised concerns that it could be used for money laundering and other illegal activities.

"(Bitcoin) is a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity," Lagarde said in an interview at the Reuters Next conference.

Lagarde did not provide specific examples of money laundering cases but said she understood there had been criminal investigations into illegal activity. She did not elaborate.

The cryptocurrency sector is still mostly lightly overseen or unregulated, although global standards on areas such as anti-money laundering (AML) have emerged.

She joined a number of regulators from across the world in calling for implementing global rules for cryptocurrencies.

"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," Lagarde said.