Bitcoin and Cryptocurrency Statement from Christine Lagarde, President of the European Central Bank!

Christine Lagarde, President of the European Central Bank, cryptocurrency exchange called for more crypto regulation following the collapse of FTX and expressed doubts about the overall digital asset market.

“FTX Collapse Reveals Stability And Reliability Level Of Cryptocurrencies”

Lagarde in his speech to the European Parliament bitcoin While answering questions from policy makers who were concerned about the consequences of the collapse of the stock market, FTX, he said that “the degree of stability and reliability of cryptocurrencies has been very clearly revealed lately”.

The President of the European Central Bank reiterated his earlier call for more legislation on cryptocurrencies, shortly before the Crypto Asset Markets (MiCA) regulation passes through parliament.

This bill, which is expected to pass early next year and go into effect in 2024, will cover parts of crypto and service providers.

Lagarde said that the entry into force of MiCA will put Europe “at the forefront of this world of great innovation and great uncertainty”:

As part of the initiative to introduce more cryptocurrency control, Lagarde said, “There will need to be a MiCA II, Europe aims to be the leader in this regard.” said.

Lagarde had previously pushed for a regulation called MiCA II that would expand the provisions outlined by the landmark framework.

In June, he suggested that MiCA II would address risk-generating links with traditional finance as well as crypto activities outside MiCA’s scope, such as decentralized finance.

Lagarde also added that the European Central Bank will offer EU citizens digital payment alternatives.

The ECB chief told members of the European Parliament’s economic committee that the central bank’s digital euro will offer EU citizens a digital payment system: “We have to offer this, otherwise someone else will replace it.”

*Not investment advice.

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