BRF #47 Crypto Regulation -RUSSIA!
Amongst the chaos the narrative emerges, crypto has helped fund the heros in this story (Ukraine) but also could be used by Russia to avoid sanctions and now we are starting to get at least part of the agenda which is to regulate crypto.
Christine Lagarde, president of the European Central Bank (ECB), has called on lawmakers to approve a regulatory framework on crypto, hinting at potentially preventing Russia from getting around economic sanctions.
In response to a question on Russia potentially using crypto to evade some of these measures, the ECB president urged action on an existing proposal for a regulatory framework on digital assets.
“Whenever there is a ban or prohibition or a mechanism in place to boycott or prohibit, there are, always criminal ways that will try to circumvent the prohibition or the ban” said Lagarde.
“It’s so critically important that MiCA is pushed through as quickly as possible so we have a regulatory framework within which crypto assets can actually be caught.”
European Parliament had delayed vote on the Markets in Crypto Assets Directive (MiCA) due to fears it would be misinterpreted as a de facto Bitcoin ban but looks like the tides are turning.
So lets unpack this, all the bankers in 2017-2019 cried that crypto was being used for all this “illegal activity” yet the data proved otherwise, now we have an actual real situation and they will use that to rush things through. First they sell you fear, then they create the real situation, then they steam roll your freedoms. This is the playbook, create the disaster, sell you the solution that was created before the problem.
Good thing our hero Sam Bankman (sounds like fake name init?) offering all Ukrainians $25 free to come lose their life savings on his exchange.
Meanwhile Ukraine has raised what appears to be tens of millions by asking for crypto donations.
This is either genius use case of crypto or the greatest grift ever, especially when you consider their Vice Prime Minister is now calling for financial censorship of crypto accounts that are owned by Russians- shocker! So now all Russian bad? I am confused
What is clear through all of this is crypto is doing its job once again, just as it did with the Freedom Convoy (notice that just got brushed under the rug) and these middle man bottle necks like SWIFT are part of the problem.
“Based in Belgium, Swift is a messaging system used by 11,000 financial institutions across the world to make rapid and secure cross-border payments”
Weird how still so few see all the middle man grabbing their cut in our very broken monetary system.
Interestingly enough Russia was already planning a digital Ruble to launch early this year, as noted in this piece from Nov 21, surely the timing is coincidental. Speaking of the Ruble, it went from 83 per USD to now upwards of 200 per USD since sanctions talk by US/EU. Bitcoin to Ruble chart has a big green candle for today.
Does this spread to other areas of the FX market or stay contained in this one currency? History proves there is always a ripple effect.
Lastly the fed scoots off with political cover once again, in 2020 it was covid to hide the fallout from repo crisis in 2019, and now war in 2022- rate hikes delayed (as I predicted) until further notice. Because war and stuff.
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