EU Must Approve Regulatory Framework For Cryptocurrencies – Governor Of the Bank Of France

During the International Forum in Paris, Bank of France’s governor Francois Villeroy de Galhau said the European Union must prepare and approve the regulatory framework for the digital currencies and assets in the next few months, since the position of the euro in the global foreign exchange market depends on this, BFM Business reports.

He urged the European Union to prioritize the issue of cryptocurrency regulation, as the excessive slowness could jeopardize the monetary sovereignty of the EU. In his opinion, the position of the euro on the world currency market depends on the actions in this direction.

Francois Villeroy de Halo urged the adoption of a regulatory framework to regulate digital currencies and crypto assets in the coming months.

“Here I must emphasize the urgency: we don’t have much time left, one or two years,” he said.

The head of the Bank of France said that during the pandemic, the number of digital payments increased dramatically and the influence of cryptocurrencies on the financial markets expanded. He is confident that the continuation of this trend could lead to the marginalization of the use of money by central banks, both in the form of banknotes and in the form of a system of settlements between large financial institutions.

In April, European regulators scrutinized the Binance exchange tokens, which were reviewed for compliance with the securities laws. According to the regulators, if the tokens are transferable, can be traded on crypto exchanges and are equipped with dividends, then Binance has to publish a prospectus for them.

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