Started by PocketOption, Mar 02, 2022, 12:06 pm
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Politicians should not be concerned that will use cryptocurrency to circumvent economic sanctions because it is not feasible at the scale required. They claim that the crypto market is neither large nor deep enough to support the volume required by and that the country’s digital asset infrastructure is inadequate.
European Central Bank President Christine Lagarde is among the high-profile figures concerned that cryptocurrency could allow to avoid harsh financial sanctions imposed in response to its invasion of e.
Chervinsky outlined three reasons why is unlikely to use cryptocurrency to circumvent US sanctions. The first is that the sanctions are not limited to USD, and it is now illegal for any US business or citizen to do business with at all. It doesn’t matter if they use dollars, gold, seashells, or Bitcoin.
The second reason is that a country’s financial needs far outweigh the current capabilities of crypto markets, which Chervinsky described as “too small, expensive, and transparent to be useful for the n economy.” In other words, even if had access to sufficient liquidity, it would be unable to conceal its transactions in such a market.
On February 25, Cointelegraph reported that ECB President Lagarde was eager to get the Markets in Crypto Assets (MiCA) bill passed by the European Parliament as soon as possible to give European authorities the means. To “catch crypto assets.” Lagarde is pushing for the policies to pass quickly to prevent Putin from potentially evading sanctions with crypto.
The Treasury Department and Europeans should work hard to figure out how to keep crypto markets from providing an escape route for .
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