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Former European Central Bank President Says Crypto Needs “Absolute Transparency”

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Thu, 06/24/2021 - 19:28
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Alex Dovbnya
Jean-Claude Trichet claims that “real cryptocurrencies” will be issued by central banks
Former European Central Bank President Says Crypto Needs “Absolute Transparency”
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During his Thursday appearance on France 24, French economist Jean-Claude Trichet—who has served as President of the European Central Bank from 2003 to 2011—said that there is a need for “absolute transparency” in crypto.       

Trichet raised concerns over criminal activities associated with cryptocurrencies:    

As long as these transactions are not transparent, they are paving the way for any criminal activity. It’s unacceptable. It’s not considered appropriate…

The former ECB head added that “the real cryptocurrencies” will be issued by central banks.

He highlighted that 58 central banks around the world were already working on their own digital currencies.

On June 23, the Bank for International Settlements threw its support behind CBDCs, underlying their role in modernizing finance.

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Trichet has routinely trashed Bitcoin in the past. Back in November 2019, he said that it “wasn’t real.” Earlier this year, he also dismissed the top cryptocurrency as “pure speculation.”

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.