The president of the European Central Bank Christine Largarde has reiterated the need for the regulation of Bitcoin.

Largarde said during a press conference yesterday that Bitcoin is a speculative asset and has been used for money laundering.

Bitcoin “is a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity,” she said.

She said that Bitcoin is not a currency but a “speculative asset by any account.”

She added that applying regulation is imperative and it should be at a global level, without any loose ends.

“There has to be regulation. This has to be applied and agreed upon … at a global level because if there is an escape that escape will be used,” she added.

The current price of bitcoin is $38,271.92, climbinging up by 10.25% in the last 24 hours. Bitcoin has a current market cap of $711.84B and market volume of $58.21B. In the last 24 hours, bitcoin has dropped to $34,087.82, and experienced a high of $38,806.24 .Currently, 18,600,125 bitcoins are in circulation.

Stats and Image from Coin Desk

The ECB president wants global cooperation and multilateral action to be made by the G7, G20 and further.

This is not the first time she is expressing her displeasure for cryptocurrency and Bitcoin. In November, she said that “crypto-assets pose risks”, adding that “If widely adopted, they could threaten financial stability and monetary sovereignty.”