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French Central Banker Calls for Urgent Crypto Regulation: “We Don’t Have Much Time Left”

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Tue, 06/29/2021 - 18:49
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Alex Dovbnya
Francois Villeroy de Galhau claims that Europe could lose its monetary sovereignty if it keeps kicking the can down the road on a digital dollar
French Central Banker Calls for Urgent Crypto Regulation: “We Don’t Have Much Time Left”
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Governor of the Bank of France Francois Villeroy de Galhau has called for urgently introducing a regulatory framework around cryptocurrencies, BFM Business reports.

Otherwise, Europe’s monetary sovereignty would be at risk of erosion, according to the central banker:

I must stress here the urgency: we do not have much time left, one or two years.  

Villeroy encouraged the EU to speed up its plans to issue a digital euro:       

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.

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He also took note of the increasingly important role that digital currencies play in financial markets.

As reported by U.Today, Fabio Panetta, a member of the Executive Board, claimed that a digital euro would protect the EU's monetary system from other cryptocurrencies.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.