The first implementation of the new regulatory requirements around cryptocurrencies could take place in the next few months. The European Commission has introduced such measures and the European Parliament will have to finalize them soon.
It’s an order from MiCA, so the regulation is specifically exchanged for cryptoactive. However, analysts state that the crypto regulator does not understand at all and is therefore skeptical of the proposals.
In fact, all traditional institutions have viewed cryptocurrencies as something dangerous and potentially abusive, or as a tool for money laundering and unfair activities. At the same time, these fears are completely alien and meaningless. Martin Kesella, an analyst at iDNES.cz of the online portal Trhy.cz, said the regulator’s main goal is to achieve the largest possible financial movement.
In addition to Lagarde’s concerns about cryptocurrency in two, another representative of the European Central Bank also expressed. One of them is the executive board of Fabio Panetta, who said in April that crypto assets are creating new wildlife and compared it to the 2008 subprime mortgage crisis. On the other hand, Europe is making two new digital euro projects that could be implemented in tyech ptch years.
The European Central Bank is trying to crack down on decentralized cryptocurrencies. With the justification of the digital euro, cash, the hidden last resort to escape monetary slavery, will be disrupted and both tax controversies will be decentralized. The regulatory situation is a fast pot of competition, Luk Kovanda, chief economist at Trinity Bank, commented on Twitter here.
Concerns about inexperienced investors
According to the International Monetary Fund, regulators should protect inexperienced investors from making large deposits in these digital assets. Thus Lagardoff expressed her concerns about investors who are not able to analyze their risks in a timely manner.
The comments from European central banks come at a very turbulent period for cryptocurrencies. The digital currency bitcoin and ether are down from a record 50 percent.
Regulation should not open the door to SMEs and should not limit the innovation that underpins the knowledge economy. The svt website iDNES.cz said that the European Union has a great position in the crypto-asset world, and inappropriate regulations could jeopardize what could be problematic and untapped code.
Analyst Dominic Strucal’s emotions about the ECB’s latest view are tamed. According to him, the ECB has not moved upwards at ten-year rates for ten years, so its representative has monetary policy for me and me only with a hard cut.
One of the ECB’s recent views on crypto appears to be a verbal interference with regulation, but the real impact is minimal. Bitcoin will not be affected by this regulation if people use it as intended. However, this will affect speculation on exchanges and all those who use the services of three parties for bitcoin, such as various stock exchanges and guidelines, Strokal told iDNES.cz.
“Proud twitter enthusiast. Introvert. Hardcore alcohol junkie. Lifelong food specialist. Internet guru.”