Christine Lagarde News

FRANKFURT—The European Central Bank is likely to increase its key interest rate to zero or above by September, President Christine Lagarde said, drawing a line under an eight-year experiment with negative interest rates amid record-high inflation and mounting concerns over the weakness of the euro currency.

Christine Lagarde, the President of the European Central Bank (ECB), has stated that cryptoassets should be regulated and are worth nothing – but has admitted that her son is a crypto investor.

European Central Bank President Christine Lagarde said crypto-currencies are “based on nothing” and should be regulated to steer people away from speculating on them with their life savings.

The European Central Bank (ECB) said it will stick to its plan to end its stimulus program and tighten monetary policy, but kept options open in light of uncertainty over the economic impact of the war in Ukraine. Bitcoin (BTC) reacted by moving slightly higher on the news before correcting lower.

Ukraine, which has waged a staunch defense against Russian invasion, says it has pioneered a new source of financial support: people around the world who have donated millions of dollars directly to its war effort via cryptocurrencies such as Bitcoin.

The President of the European Central Bank, Christine Lagarde has reiterated warnings that Russian individuals and businesses are using cryptocurrencies to skirt sanctions.

Polkadot and Cardano leading the gainers in the last 24 hours. Bitcoin, the largest crypto by market value, was trading 1.07 per cent higher at $42,366. It is up 3.58 per cent in the last seven sessions. Ethereum edged 0.3 per cent higher at $2,978.58. The second largest cryptocurrency by market value has risen 11 per cent in the last one week. BNB added 0.72 per cent, USD Coin gained 0.02 per cent while XRP declined 1.95 per cent. Terra also fell 1.68 per cent to $93.42.

Christine Lagarde, president of the European Central Bank, said Russian firms and individuals are using cryptocurrencies to bypass sanctions put in place by the west.

Christine Lagarde, president of the European Central Bank, said Russian firms and individuals are using cryptocurrencies to bypass sanctions put in place by the west.

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A war rages on Europe’s eastern rim, having already left thousands of people dead and injured and millions more displaced. Digital assets have become so woven into the global financial system that a major political and economic crisis like the one unfolding right now has crypto inevitably involved on all levels: individual, institutional and national. From Russian nationals turning their burning passports into nonfungible tokens (NFTs) to refugees using crypto as a last financial resort, millions of dollars worth of crypto donations flowing to Ukraine, and both digital asset platforms and the United States government weighing crypto sanctions against Russia, cryptocurrencies play a significant role in the events surrounding the ongoing calamity. It is also evident at this point that the crisis, in turn, will massively affect crypto itself, accelerating its adoption and regulation globally.

Experts on crypto policy argue that concerns expressed by high profile politicians about Russia evading economic sanctions using cryptocurrency are “totally unfounded.”

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.

The European Central Bank could end its stimulus programme earlier than planned but it is unlikely to raise its main interest rate in July as investors are expecting, ECB policymaker Martins Kazaks told Reuters.

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Assen Vassilev, Bulgaria’s Deputy Prime Minister for EU Funds and Minister of Finance, said the EU member nation is exploring options for rolling out a crypto payment mechanism.

Europe is mourning the loss of David Sassoli, the European Parliament President and Italian social democrat, who died overnight due to a dysfunction of the immune system.

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The European Central Bank (ECB) will select a new design for euro banknotes by 2024.

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