Mar 18, 2020

Christine Lagarde, President of the European Central Bank and Cryptocurrency

Christine Lagarde, former director of the IMF, is now elected President of the European Central Bank.

Lagarde was praised for forming a bailout mechanism to help several countries in the Eurozone which were hit by the economic crisis.

The French law expert bluntly blamed the 2008 financial crisis due to the behavior of bank banks in a world dominated by careless men.

With the existence of FRACTIONAL RESERVE BANKING, banks can "print" money (legally) in their computers up to 100x of funds deposited (stored) by their customers. As a result the money supply increases, causing inflation. And the money "printed" by the bank is loaned to inappropriate (financial) customers so that congestion occurs. When everyone withdraws their funds at the same time, there is a rush and the bank goes bankrupt. One of the collapses was Lehman Brothers.

Lagarde understood that fiat money could be printed as much as possible without gold collateral. This is what causes the purchasing power (value) of fiat money to decrease.

Lagarde is well aware that the financial system that uses fiat money as it is now risks the financial crisis.

Therefore Lagarde has a positive attitude towards the emergence of cryptocurrency with a total (limited) supply. Thus there is no inflation.

As a legal expert and financial expert, Lagarde is well aware that cryptocurrency must have KYC to be anonymous. And there must be an administrator who can be controlled by the central bank.

The American finance minister, Steve Mnuchin said that America's attitude towards cryptocurrency recognized by America was:

1. Not anonymous (must have the identity of the owner)
2. Using a centralized system (to be easily controlled and accountable)
3. The value is stable, not volatile.

It means that European and American attitudes are the same and in line. Until now, there is only one cryptocurrency that meets the above conditions, namely ONECOIN.

The future of ONE will be bright. Because in many parts of the world many people will use ONE.

This will erode the role of the USD printed by the central bank. So ONE gets a lot of obstacles and challenges from America.

Let's support ONE by becoming a merchant on Dealshaker and use ONE for transactions every day on Dealshaker.

Post Date 23 July 2019
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