Christine Lagarde, President of the European Central Bank, once again called for regulation.
After the collapse of FTX, regulators are keen to take drastic measures regarding the crypto industry.
Christine Lagarde Targets the Crypto Industry
ECB President Lagarde, in his speech at the European Parliament, said that it has been clearly seen recently that the crypto industry has a “stability and trust” problem.
Lagarde repeated the call for regulation shortly before the MiCA went into effect. The MiCA legislation, which is expected to come into effect in 2024, will cover crypto service providers.
According to Lagarde, the entry into force of MiCA will put Europe at the forefront of crypto regulation.
“It will have to be a MiCA II,” Christine Lagarde added.
The ECB chief believes that a new law should be passed to expand the provisions.
Lagarde also said that the ECB will offer digital payment alternatives to European Union citizens.
“We must be able to offer it or someone else will take our place”
The ECB continues to work on prototypes for the digital euro. Whether it will be implemented or not will be determined by September 2023.
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