The concept of a strategic bitcoin reserve, consisting of state stations maintaining a bitcoin stockpile, reached Europe. In a recent press conference, European Central Bank (ECB) President Christine Lagarde had to answer questions regarding the possible implementation of this initiative in Europe.
After announcing a 25 basis point interest rate reduction across the board, Lagarde faced an inquiry on the ECB’s position on the hypothetical adoption of bitcoin as a reserve asset by countries like the Czech Republic and the U.S.
Lagarde stated that, across the organization’s Governing Council, formed by six members of the Executive Board and the governors of the national central banks of the euro area countries, there was a unified stance on the requirements for reserve assets.
She asseverated that reserves assets had to be liquid, secure, safe, and not be plagued by the suspicion of money laundering or other criminal activities.
Lagarde declared:
As a result, I am confident that bitcoin will not enter the reserves of any of the central banks of the General Council.
Finally, Lagarde revealed she had been in talks with her Czech colleague on the issue of bitcoin as a reserve asset, hinting that it would not happen. “I am confident that he is convinced, as we all are, of the necessity to have liquid, secure, and safe reserves,” she concluded.
The ECB has been skeptical about the value of bitcoin and stablecoins even before they jumped to the mainstream arena, propelled by the pro-industry stance of the Trump Administration.
In January 2024, Isabel Schnabel, a European Central Bank (ECB) executive board member, said that bitcoin was a speculative asset that lacked the functions of money. At the same time, she said that it was unlikely for the ECB to add bitcoin to its reserves.
Read more: ECB Member Isabel Schnabel: Bitcoin Is ‘Speculative,’ ‘Unlikely’ to Be Purchased by the Bank
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