Banque de France governor calls for better global regulation

The governor of the Banque de France, François Villeroy de Galhau, lamented this Tuesday that certain large countries are “less advanced» that the European Union on the regulation of crypto assets and asked «avoid adopting divergent or contradictory standards», or even too late. “Crypto players operate globally, and even their location is sometimes difficult to determine“, declared the governor at the opening of a conference dedicated to the role of central banks in the “tokenization(the fact of transferring the right of ownership of certain assets to virtual tokens, Editor’s Note) of finance.

It’s hard not to see criticism of the US authorities, even if the governor of the French central bank did not mention the US by name. He noted that “other major jurisdictions are less advancedthan the European Union, which in July managed to agree on a draft legal framework called MiCA, although it still needs to be formally approved before it comes into force. “Let’s stay coordinated” Y “implement (regulation) in all jurisdictions“, he added, judging that the fall in the prices of cryptocurrencies”is no excuse for complacency or inaction“.

In the United States, cryptocurrency regulation is essentially focused on creating a “digital dollar“. The president of the United States, Joe Biden, signed an executive order in March asking the Treasury Department to report to him within six months on “the future of money“. Finally he received nine, in which he recommends continuing to work on the subject, but does not anticipate any deadline.

The Banque de France is also working, with the European Central Bank (ECB), on the possible creation of a digital euro. François Villeroy de Galhau also declared that the Banque de France’s experiments on a central bank digital currency were to be resumed, after nine exercises that ended with “promising results“. Three new experiments should see the light soon.

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