Francois Villeroy de Galhau, the man controlling the Bank of France has stated the urgency for Europe to begin looking at how to bring the use of digital assets under control or face the possibility of losing the value of the Euro.
During a meeting held in France today, the governor opined that things should be done before the next two years regarding crypto regulation in the continent. He said not adhering to the time frame can lead to the effacement of the Euro or a substantial loss of its value.
“I must stress here the urgency: we do not have much time left, one or two years,” said Villeroy. “On both [digital] currencies and payments, we in Europe need to move as quickly as possible.”
Villeroy wants the regulation to start taking place few months from now because the crypto market is waxing stronger everyday. Villeroy reminded those in attendance about how cash became scarce at the wake of the COVID-19 pandemic. He is concerned that if nothing is done, people will see a reason not to carry notes about.
The governor has always been vocal about the dangers of allowing cryptocurrencies and government-issued digital currencies to thrive. He mentioned the possibility of financial tech firms building a strong monetary system that is attractive to people.
In the beginning of the year, the Bank of France finished its first stage for testing the CBDC. This seemed to cause an increased value of the euros. The Bank of France is getting ready for the next series of CBDC test.
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