Russia Sanctions: ECB President Lagarde: Sanctions against Russia can be circumvented by using cryptocurrencies – Warning about “Gafa” | News

“There are certainly attempts to use them to circumvent the sanctions imposed by many countries on Russia,” Lagarde said in an interview at the Bank for International Settlements (BIS) conference on CBDCs.

Lagarde spoke of “some actors – individuals and companies apparently trying to convert their rubles into crypto assets”. European authorities have indicated to all those involved in exchanges, transactions and services related to crypto assets that they are partners in trying to evade sanctions against those listed above.

Central banks must protect consumers from the “gasp”.

According to ECB President Christine Lagarde, CBDCs can provide consumers with better privacy protections than private forms of digital money. In an interview for the Bank for International Settlements (BIS) conference on CBDCs, Lagarde explained that unlike private actors such as Google, Amazon, and Facebook or Apple (“Gafa”), central banks have no financial interest in and when customer data. An oddity between Europe and the USA when it comes to handling.

“Europe has a lot more security than America,” Lagarde said. She knows the gaffes of this world don’t like it so much. “They have lobbied extensively in Brussels and elsewhere to reduce this level of security in order to make data sharing easier and easier for the purpose of monetization,” Lagarde said.

He had high hopes that central banks would find a common denominator high enough to respect the privacy of citizens. “I understand why Google, Amazon, Facebook Meta are lobbying against it – but not central banks,” Lagarde said.

by Hans Benzien

Frankfurt (Dow Jones)

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