European Union Needs Crypto Regulatory Framework : France Governor
François Villeroy de Galhau stated that European Union Monetary authorities needed to make a regulatory framework for the cryo usage otherwise it will influence the Euros at international level badly.
On the occasion of the annual financial conference in Paris: François Villeroy de Galhau,the governor of Banque de France shared his point of view on the Cryptocurrency influence on the financial system and how it can impact in negative ways.
He stated that European Union Monetary authorities should work on the regulatory framework for Cryptocurrency use. If Monetary authorities will not take action on Cryptocurrency then there will be erosion on the performance of monetary Authorities of the EU.
“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.”
Further he added, they don’t have much time to take action on this matter because there are Many things which are out of control without any rules or regulation. So for now it is necessary to analyse it perfectly and make laws & rules to use, otherwise it will affect the monetary value of Euro in the international market.
It is not the first time the governor of France has urged the European Union regarding Cryptocurrency regulatory framework.
Last year he urged almost the same thing to make rules and regulation so that they can make their financial system more stable with the consideration of development of CBDC and regulation of stable coins.
Well here this is not the situation for the countries which are in European region, there are many states where leaders are requesting for such steps for Cryptocurrency usage with laws and rules.
Last year Robert Ophèle, the chairman of the Autorité des Marchés Financiers or AMF, requested to establish a regulatory framework for the Cryptocurrency. Because he believes that digital assets can boost more than traditional fiat Assets, so it is mandatory to achieve a balance between these two with perfect laws and rules.
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