European Central Bank President Christine Lagarde said cryptocurrencies were “based on nothing”. They need to be regulated to keep people from speculating on them with their own savings, reports Bloomberg.

Speaking on Dutch television, Lagarde said she was worried about people who “do not understand the risks, may lose everything and will be terribly disappointed.” That is why, in her opinion, cryptocurrencies should be regulated.

The president is also skeptical about the value of cryptocurrencies, unlike the digital euro from the ECB. This project can be implemented over the next four years.

“My very humble assessment is that it is worth nothing, it is based on nothing, there is no underlying asset to act as an anchorof safety,” says Christine Lagarde.

Other ECB representatives have already expressed concern. Fabio Panetta, a member of the executive board, said cryptocurrency assets were “creating a new Wild West” and drew parallels with the 2008 crisis.

Such comments appear at a very troubled time for cryptocurrencies, when bitcoin and ether fell by 50% from last year’s peak value. At the same time, the asset class is beginning to be more tightly controlled by regulators, who are concerned about the dangers that cryptocurrencies may pose to the wider financial system.

Lagarde, on the other hand, strongly believes in the digital euro from the ECB and considers it a safer currency.

“The day when we have the central bank digital currency out, any digital euro, I will guarantee – so the central bank will behind it and I think it’s vastly different than many of those things,” said the president.