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Of money and cryptocurrency doesn't do this. the first step is to find a formula to proceed further into the future.- further into the future. many central banks _ further into the future. many central banks have _ further into the future. manyj central banks have discussed creating their own digital currencies, is that the right way forward then?- currencies, is that the right way forward then? now central banks cannot — way forward then? now central banks cannot ignore _ way forward then? now central banks cannot ignore the - banks cannot ignore the emergence of cryptocurrency and since th...

Not deal with them at all. cut off their source of funds, which they need the free market for. i think ted cruz is right in this case. >> very interesting, gary, an answer i didn't expect from you. jonas, you say asset seizures are questionable in the first place from a free-market country. and this may not necessarily be the whole way to go. >> this has flip-flopped into the republican -- free-market people are not supposed to be for sanctions. seeing a sovereign country's wealth is not a free-market move. decreeing what banks cannot cannot do business there. in a real free market, the govern...

Bank, as you described it, the kremlin bank, can you help me understand what the material effect will be for senior russian officials who've been using that bank? this is obviously not a broad international action. it's an american action. will they feel it? >> well, first of all, european banks will be effected by the fact these banks cannot now deal with dollars. transactions in dollars. generally in other cases the european banks have followed our lead of these kinds of sanctions. they'll still be able to maneuver, but i think they will have an effect on these leaders, and i think more than...

Strategy, because i believe this is a longer term challenge. >> on the specific issue of that bank, as you described it, the kremlin bank, can you help me understand what the material effect will be for senior russian officials who've been using that bank? this is obviously not a broad international action. it's an american action. will they feel it? >> well, first of all, european banks will be effected by the fact these banks cannot now deal with dollars. transactions in dollars. generally in other cases the european banks have followed our lead of these kinds of sanctions. they'll still be ...

Strategy, because i believe this is a longer term challenge. >> on the specific issue of that bank, as you described it, the kremlin bank, can you help me understand what the material effect will be for senior russian officials who've been using that bank? this is obviously not a broad international action. it's an american action. will they feel it? >> well, first of all, european banks will be effected by the fact these banks cannot now deal with dollars. transactions in dollars. generally in other cases the european banks have followed our lead of these kinds of sanctions. they'll still be ...