Incoming President of the European Central Bank Calls Crypto ‘Disruptive’, Ripple and Circle ‘Helpful’
Lagarde will replace Mario Draghi as president of the ECB on November 1. She has been elected by representatives of 28 European countries.
She said:
“I think in the banking system at large in many, many countries, the difference will not be between those who are disrupted and those who survive. The difference will be between those who are cannibalised because they’re not seeing it coming, and they’re not embracing it and those who self-induce that cannibalisation.”
“And I’m using cannibalization on purpose because it’s a bit of a striking, horrible word. But it’s really what it means. You’re going to disrupt your business model. You’re going to change it. You’re going to reduce your costs. You’re going to expedite your transactions, and you’re going to inspire confidence because you will build out on the basis of an existing backbone, which is your bank and the confidence, relationship you’ve established with your customers.” She added.
She then said:
“So that’s where I see changes happening now. If you think of Circle, and Ripple and all those – that’s where they are active and helpful.”
Also, Lagarde stated that the digital assets which are “shaking the system” need to be regulated so as to maintain stability in the financial industry.
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