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<h2 id="header-0">European Central Bank President Christine Lagarde has continued to express worry about the rise of cryptocurrencies and their impact on the traditional banking system.</h2>According to Lagarde, the rise of cryptocurrencies has the potential to undermine central banks&#39; ability to operate as an &#34;anchor&#34; of the economy. She also warned that digital assets might usher in the era of free banking.She noted that banks must be involved in matters pertaining to experimenting with digital solutions. The president also urged lenders to respond to the need for digital payments in order to maintain their anchor position.“We central bankers have served as a monetary anchor between commercial banks and private money. If we are not participating in experimenting, developing, or digitizing central bank money, we risk losing the function of anchor that we have served for decades.”Lagarde’s crypto criticismThe ECB president, who was speaking at a panel discussion about digital banking, has since criticized cryptocurrencies, claiming they have no value.The session was also attended by Federal Reserve Chair Jerome Powell, who discussed the <a href="https://www.coingabbar.com/en/crypto-currency-news-english/cbdcs-exist-july-according-imf-report" rel="noopener noreferrer nofollow">development of a CBDC</a> while emphasizing that the product would not be anonymous. He proposed four ideal CBDC characteristics.“The first is intermediated. The second is private privacy protected, while the third is identity verified, therefore it is not anonymous. It would not be a bearer instrument with an anonymous bearer. And the fourth characteristic is transferrable or interoperable,” said Powell.Powell stressed that a potential CBDC, like the current traditional banking system, must balance privacy protection with identity verification.Notably, most authorities are pushing for cryptocurrency regulation in order to limit the growth of private digital assets. In this case, the focus has been centered on the creation of CBDCs to counter the rise of assets such as Bitcoin (BTC).COINGABBAR VIEWS: The growing popularity of cryptocurrencies has drawn criticism from a number of central banks across the world. For better regulatory purposes and other cross-border payments, central banks prefer <a href="https://www.coingabbar.com/en/crypto-currency-news-english/top-cryptocurrency-news-european-central-bank-favors-cbdcs-bitcoin-cross-border-payments-2" rel="noopener noreferrer nofollow">CBDCs over cryptocurrencies</a>. However, the CBDC is more of a centralized currency that will be regulated by the central bank’s terms and conditions.Read also: <a href="https://www.coingabbar.com/en/crypto-currency-news-english/ftx-acquire-celsius-network-assets-voyager-success" rel="noopener noreferrer nofollow">FTX to Acquire Celsius Network Assets After Voyager Success</a>

Cryptocurrencies Might Limit The Role of Central Banks: ECB President

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