Bank of France governor François Villeroy de Galhau has recommended the urgent framework for cryptocurrency regulation to avoid potential erosion of Europe’s monetary sovereignty. France has been one of the most forward countries when it comes to virtual currencies. In 2019, for instance, the French parliament approved a law to enable cryptocurrency-focused companies to be licensed by the AMF, the country’s financial watchdog. Now, the central bank’s Villeroy has asked the European Union to urgently regulate the cryptocurrency space. This request advocates that cryptocurrencies should be regulated within one or two years or risk losing Europe’s monetary sovereignty. “I must stress here the urgency: we do not have much time left, one or two years. On both digital currency and payments, we in Europe must be ready to move as quickly as needed or risk an erosion of our monetary sovereignty — something we cannot tolerate,” Villeroy said during a Paris Europlace financial conference
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