The US and European countries responded to Russia’s invasion of Ukraine with economic sanctions.
After these moves, it was claimed that Russia could turn to cryptocurrencies to circumvent the sanctions.
While the title of “cryptocurrencies” created a question mark in the sanctions against Russia, a statement came from the President of the European Central Bank, Christine Lagarde.
Asked during a press conference whether Russia could use cryptocurrencies to evade sanctions, Lagarde said that it is necessary to act quickly to approve cryptocurrency regulations that would prevent Russia from evading sanctions.
“There should always be criminal means of trying to circumvent a ban, so it’s critically important that MiCA passes as quickly as possible so we have a regulatory framework.” said.
MiCA is the general name of the European Parliament’s legislation on cryptocurrencies.