ECB President Calls for Cryptocurrency Regulation in Response to Potential Russia Avoiding Economic Sanctions By Cointelegraph

©Reuters. ECB President Calls for Cryptocurrency Regulation in Response to Possibility of Russia Avoiding Economic Sanctions

Christine Lagarde, president of the European Central Bank (ECB), has called on lawmakers to approve a regulatory framework for cryptocurrencies, hinting at the possibility of preventing Russia from circumventing economic sanctions imposed in the wake of the invasion of Ukraine.

Speaking to the media during an informal meeting of economy and finance ministers on Friday, Lagarde said the European Central Bank will “decisively and rigorously” apply the sanctions imposed on Russia by European lawmakers in response to the invasion of Ukraine. In response to a question about the possibility of Russia using cryptocurrencies to circumvent some of these measures, the ECB president urged action on an existing regulatory framework proposal for digital assets.

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“Whenever there is a ban or a mechanism to boycott or ban, there are always criminal ways that will try to circumvent the restriction or the ban,” Lagarde said. “It is very important that the MiCA is approved as soon as possible so that we have a regulatory framework in which crypto assets can really be addressed.”

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