According to the latest report, the leaders of European Union are considering the currently serving Managing Director of the International Monetary Fund (IMF) Christine Lagarde as a strong candidate for the position of European Central Bank’s President.
Christine Lagarde has been serving as the Chairwoman and Managing Director of the IMF since 2011. She is a lawyer and a politician. Interestingly, if she is chosen, then she will be the first-ever President of European Central Bank (ECB) who isn’t an economist.
Although Lagarde is not entirely against the cryptocurrencies, in fact, in an interview, she stated that digital currencies are shaking the system. She is of the view that blockchain is going to be a significant force in the near future. Furthermore, it is possible that central banks may start issuing their cryptocurrencies.
According to analysts, even though Lagarde seeks to regulate the crypto space, but it is going to be beneficial for the crypto industry in the long-run if Lagarde becomes the President of ECB. Recently, Lagarde stated that the global economy is expected to encounter some difficult period, and the euro needs to be saved at any cost.
Lagarde’s approach of being open to alternative technologies in order to boost economic growth suggests that cryptocurrency could be that one possible alternative, about which she already reckons that it is designed to last. Hence, if Lagarde becomes the President of ECB, things might look different. Moreover, formal actions regarding regulating and legitimizing the crypto space are expected to take place if she really becomes the President.
All these developments are taking place right when the leading financial corporations are pouring substantial capital into the crypto industry such as Facebook, which is all set to launch its own digital currency in 2020. Lagarde’s presence as the President of ECB will likely create the possibility of cryptocurrency to mainstream or at least thrive.
