Friday, July 30, 2021

The Governor of the French Central Bank calls for crypto regulations in Europe.

The Takeaway:

François Villeroy de Galhau, the Governor of the French Central Bank, has called upon Europe to introduce a regulatory framework for cryptocurrencies.

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François Villeroy de Galhau, the Governor of the French Central Bank, Banque de France, has called upon European regulators to introduce a regulatory framework for cryptocurrencies. A report unveiled this news on June 29, citing Galhau, who spoke during the Paris EUROPLACE Annual Financial conference. Reportedly, the central banker believes cryptocurrencies are increasingly weakening the international role of the euro.


Europe needs to regulate cryptocurrencies. 

In the report, Galhau said that Europe must be prepared to act quickly when it comes to cryptocurrencies or payments. He added that failure to give this matter the attention it deserves might see Europe lose its grip on monetary sovereignty. According to the report, lacking a framework for governing the nascent sector will see Europe fail to bolster the international role of the rule. Even worse, Galhau believes the euro’s preservation might take a significant blow. Galhau said, “I must stress here the urgency: we do not have much time left, one or two years.”


AMF chairman has a positive outlook on cryptocurrencies. 

While Galhau’s stance on cryptocurrencies is bearish, Robert Ophèle, the Chairman of the market regulator in France, the Autorité des Marchés (AMF), has a positive outlook. According to him, introducing fair crypto regulations might help drive more innovation in the burgeoning asset class. Ophèle said this during the 5th Annual Conference Fintech and Regulation in February this year. Ophèle welcomed the European Commission’s idea of regulating the crypto space, which involves launching a pilot program for markets willing to trade in cryptos. He also supported the commission’s introduction of the Markets in Crypto-Assets Regulation (MiCA) policy. Crypto regulations are of more concern to regulators as cryptocurrencies are volatile in nature and are gaining more mainstream exposure.  

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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