Christine Lagarde, President of the European Central Bank (the ECB), described cryptocurrencies that are not backed by underlying assets as “worth nothing”, during a recent interview. Lagarde stressed the need to regulate cryptocurrencies to protect inexperienced investors speculating on them. With the fall in crypto prices across the board this year, Lagarde expressed concerns about investors who do not understand the risks of investing their life savings in cryptocurrencies. Previously, Mrs Lagarde has raised concerns about the environmental impact of cryptocurrencies and their potential use in money laundering and sanctions evasion. However, the ECB President described the various central bank digital currencies being developed as central banks’ own virtual alternatives to cash, such as the digital Euro currently under development, as “vastly different” from private cryptocurrencies.