Representatives of the French Central Bank again emphasized the importance and necessity of crypto regulations. Francois Villeroy, the governor of the national bank, called for an “internationally harmonized approach” to addressing issues in the global cryptocurrency market.
More specifically, François Villeroy de Galhau said that he sees two major global economic problems.
One of them is President Trump's protectionist trade strategy. The second is the unresolved issue with the agreed regulation of cryptocurrencies.
François Villeroy said the following: “In particular, we must actively work with crypto exchangers and platforms that provide services at the intersection of crypto assets and the real economy.”
His statements focus on financial access to the digital currency system. He decided to focus on the causes of the problems, rather than on the problems of the cryptocurrency market themselves - for example, money laundering or terrorist financing.
Back in February, Francois Villeroy joined Finance Minister Bruno Le Meir and several other German politicians in an attempt to raise the issue of cryptocurrency regulation on the market. international forum by writing a letter with a request to the G20. They called on the International Monetary Fund (IMF) to compile a report on the impact of the cryptocurrency market on financial stability and tasked Jean-Pierre Landau, the former head of the French Central Bank, with drawing up an appropriate regulatory framework.
Earlier this week, Bruno Le Maire published an op-ed in an attempt to describe government adoption of fintech and crypto technologies. He stated: "While we are welcoming of the potential and opportunities of blockchain technology, we are also extremely cautious. Supporting innovation does not prevent us from recognizing the dangers associated with it." However, the Finance Minister further added: "Let's stop being just outside observers. It's time to become part of the technological revolution."
He also spoke of his intention to help France take a leading role in this growing sector.
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