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The head of the French central bank, François Villeroy de Galhau, has cautioned that the European monetary sovereignty could come under significant pressure if the European Union fails to regulate cryptocurrencies. He noted that failure to act to thwart the role of the euro in the international scape.
The governor of the Banque de France made the comments at the recently concluded annual financial conference in Paris. The governor opined that the EU needs to develop a regulatory framework for cryptocurrencies to preserve the financial dominance of the EU, noting that:
“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.”
François Villeroy de Galhau argued that the regulatory move is implemented in the coming months or risk the continent losing its momentum. The governor noted that “I must stress here the urgency: we do not have much time left, one or two years.”
This would not be the first time the governor is urging the EU to scrutinize the proliferation of cryptocurrencies. Last year, he noted that central bank money guarantees the stability of the financial system and that assets like CBDCs and stablecoins are a risk to this functionality and should get heavily regulated.
European Union Must Develop Effective Regulatory Framework
Earlier this year, Robert Ophèle, the chairman of the Autorité des Marchés Financiers (AMF), suggested that developing an adequate regulatory framework around digital assets could foster more growth and development in innovative projects.
Like Villeroy, Ophèle argued that the rapid growth of the cryptocurrency hides its risks and that Europe needs to set up efficient supervisory policies. However, he cautioned that stringent regulations could drive crypto-based businesses out of the continent. Ophèle proposed a better alternative, noting that:
“However, while it is necessary to structure the regulation for products that do not qualify as financial instruments I should confess that I am equally supportive of the other legislative proposal covering crypto-assets that qualify as financial instruments: the proposal for a pilot regime, which could waive some provisions of existing regulations.”
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