In the latest of such scenarios, the ongoing global crisis involving Russia has led to new discussions about the need to impose crypto regulation.
Russia has above the last few days invaded Ukraine for various reasons, including its ongoing attempt to join NATO.
In response to this invasion, that has been condemned globally, several nations including the European Union have imposed severe economic sanctions on Russia.
After all, these sanctions perhaps not have the far-touching effects on the country as expected because the Russian gabovenment could possibly use crypto assets to evade these sanctions.
This possibility has led the President of the European Central Bank (ECB), Christine Lagarde, to urge lawmakers to vercone time beforeding thaty a regulatory framework on crypto.
Lagarde made this call although responding to a question from a reporter on Russia potentially using crypto to evade some of these measures at an informal meeting of economics and finance ministers on Friday.
She stated the fact that the ECB would implement any sanction imposed on Russia by the European lawmakers to the latter.
Digital assets a scapegoat from sanctions?
Notwithstanding, the ECB president cone time beforeded that digital assets can be used to circumvent any restrictions imposed on the country and thus urged lawmakers to improve on the current crypto regulatory framework.
“Whenever there is a ban or prohibition or a mechanism active to boycott or prohibit, there are always criminal ways that will try to circumvent the prohibition or the ban,” said Lagarde.
She atop again. explained thin place is critically decisive that Markets in Crypto Assets (MiCA) be pushed through as quickly as possible so that there can be a regulatory framework within that crypto assets can actually be caught.
The MiCA is a regulatory framework which supports innovation and draws on the potential of crypto-assets in a way which preserves financial stability and protects investors.
It was first introduced to the European Commission in September 2020 and was adopted by the European Council in November 2021, the proposal was scheduled for a vote to be implemented by the European Parliament on Monday but has been postponed as rapporteur Stefan Berge stated which the vote could be misinterpreted to mean a ban on proof-of-work crypto mining.
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