Ce Christine Lagarde places particular emphasis on the future of financial stability in the euro area, well, there is no doubt about it. There's also no doubt that he's identified the world for some time now. crypto Et Bitcoin as the main threat to stability mentioned above.
Often confusing plans, often reporting past opinions for fact, and often referencing much more restrictive rules. As you did yesterday at the umpteenth press conference dominated by what you define as "something that has no value", namely the cryptosphere.
Although, by his own admission, there is still a long way to go before final approval of Waistthe group of rules that should regulate the world of crypto, starting with operators and users, the leader of European Central Bank already dreaming big and calling for a MiCA 2.0. What is it about? Let's try to understand it from the meager information about it that he gave us Mrs. Lagarde.
DeFi, staking, lending: systemic risk for traditional finance
Not now, in a burst of truth, he said Lagarde, but probably in the future. And with Waist which still seems to be quite far in terms of approval – we are talking about the 2024 however, with some degree of uncertainty, there is a risk of arriving unprepared for new challenges. This at least according to Lagardewho every two months considers the crypto world to be nothing or the spark of the next global catastrophe.
Even more curious is the fact that the head of the ECB indicated that the creation of a MiCA 2.0or rather the creation of new rules that take care of what happens in the world of decentralized financea world that until now had rarely been in the thoughts of the most powerful woman in financial Europe.
Crypto and DeFi assets have the potential to become a financial stability risk.
It is the laconic intervention of Lagardeaccompanied as expected by an invitation to set fire to the legislative powder, even with a MiCA 2.0, that is, with an additional legal framework before the entry into force of the previous one. And here one would have to sprinkle hectoliters of digital ink to comment, but we won't, because the bigger issue is actually another one.
ECB reactive and not proactive: this is the real tragedy of our time
An ECB that jumps from emergency to emergency, without a clear plan or serious things (rise in inflation and the confused situation on the markets) nor on things, shall we say, much less serious, like the possible threat of the crypto world and the world DeFi to traditional finance.
Over the past 2 weeks, we have witnessed cascading liquidations of extremely large sums of money, without firing a shot and with funds in difficulty. Ordinary business in a world where, in any case, one invests sometimes even at high risk.
But it's really something we've never seen in the world of classic finance? For real Mrs. Lagarde sees big differences in this regard in the world of crypto. And the regulation, we are also sure because we can study 100 years of history on traditional markets, which have never been safe from bankruptcies.
It just happens, it's that market process we used to think about hygiene which separates good from evil, and which Mrs. Lagarde he would like to replace control with his authority. It's not true, it doesn't work, and will in all likelihood cause even more damage as more and more people are pushed into protocols that decide to stray as far as possible from such a strict regulatory perimeter.
We can tell with time, for now we can only invite Lagarde watch data and less sound wishful thinking, reminding him once again that it is not true that a substantial part of crypto transactions are illegal or related to crime. It may be true for EUR Et US dollar.