(ECB) President Christine Lagarde said the crypto market needs to be regulated.

European Central Bank President Christine Lagarde said cryptocurrencies are based on nothing. Lagarde said she is worried about people who do not understand the risks, who may lose everything and be greatly disappointed, so the crypto market needs to be regulated.

Speaking to Dutch television, Lagarde said that she was skeptical about the value of crypto. However, The ECB President stated that the digital euro would be different.

These statements came when digital currencies Bitcoin and Ether fell by 50% compared to last year’s peak, and cryptocurrencies were experiencing significant volatility.

ECB officials are also expressing their concerns on this issue. ECB Board member Fabio Panettanisan said crypto-assets “created a new Wild West.”