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Banque de France advises Europe to regulate crypto

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TL;DR

TL;DR Breakdown

  • Governor of France apex bank calls for crypto regulation in Europe
  • Says no crypto regulation could mean downfall of euro

François Villeroy de Galhau, the governor of Banque de France, has advised the European continent and authorities to see how they can regulate cryptocurrencies as soon as possible.

While sounding a note of caution to Europe, he made this declaration that the continent’s monetary sovereignty faces tough times if the EU does not regulate cryptocurrencies.

He says that if actions are not taken immediately, the role euro plays internationally would be jeopardized.

What Europe needs to do Banque de France governor explains

The governor of Banque de France recommended that the European Union build a regulatory framework around cryptocurrencies to preserve its financial dominance.

He emphasized that with cryptos presence, the international performance of the euro is threatened.

“Whether it is digital currencies or payments, we in Europe must be ready to act as quickly as necessary or take the risk of an erosion of our monetary sovereignty, he said.

“I must stress here the urgency: we do not have much time left, one or two years, he said further.

The Banque de France governor made all these recommendations at the annual financial conference in Paris. However, this is not the first time Galhau had called Europe to supervise crypto. In 2020, he said, only central bank money could ensure the stability of the financial system.

Assets such as CBDCs and stablecoins pose risks to this perseverance and should be strictly regulated, he noted back then.

Another French bigwig unsure about crypto

The chairman of the Autorité des Marchés Financiers or AMF – Robert Ophèle had suggested that regulating crypto could boost its devaluing Europe.

He was also cautious that the expansion of crypto could be risky; hence the continent put inappropriate supervisory policy. He also said too strict measures could drive crypto-based businesses out of the European Union.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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