Central banks need to realise that freedom is the attraction of crypto | Business

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The bloodbath sell-off in crypto assets has the world’s central bankers smirking in quiet satisfaction. “Citizens have lost faith in crypto more than they have lost faith in central banks,” Francois Villeroy de Galhau, the French central bank chief, told a panel at the World Economic Forum in Davos last month.

His sentiments were echoed by the great and good of the policymaking world, who savaged the cryptomarket, which is reeling from a brutal collapse in valuations. The International Monetary Fund’s Kristalina Georgieva called crypto a “pyramid scheme”. Christine Lagarde, the European Central Bank head, said digital coins were “worth nothing and based on nothing”.

Their stinging assessments belie the fact that collapsing valuations for popular cryptocurrencies is accelerating central bankers’ attempts to come



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