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.