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Bank Of France Governor: Europe Should Regulate Crypto As Quickly As Possible

    


Bank of France governor Fran├žois 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 on Tuesday 29th.

The Bank of France governor describe how cryptocurrencies have played an increasingly important role in financial markets. Case in point, the use of fiat money decreased during the early stages of the COVID-19 pandemic, a drift that Villeroy believes could make central bank money insignificant. he then suggests the European Union should adopt a regulatory framework in the coming months.

This is could be a wake up call to central bank of nations and governments to come up with their own CBDC and a frame work to regulate cryptocurrencies or else stand the risk of loosing control over currency transactions with fiat to cryptocurrency.

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