ECB Should Pay Special Attention to Cryptocurrency Exchanges, Says Head of Bank of France

Published on 25 Apr. 2018
Euro sculpture 2867942 1280

Francois Villeroy de Galhau, the head of Bank of France, responsible for adopting the rules for European Central Bank (ECB) states that the new laws for cryptocurrency exchanges are required.

Holding a speech on the banking conference City Week in London, April 24, Galhau seemed to choose cryptocurrency sphere as the object of his constant interest. He had made some interesting statements about cryptocurrencies earlier.

In particular, we have to work on exchanges and platforms that provide services on the border of crypto assets and real economics,

 - the sources quoted.

While earlier de Galhau didn’t reveal further financial politics of the European bank, this year the institution has expressed fears on the necessity to regulate cryptocurrency markets. At the beginning of the year, one of the ECB representatives called Bitcoin the main threat to the financial stability.

The international community has to work together to develop the appropriate measures, said the Board Member of ECB Benoît Cœuré during his speech on cryptocurrency regulation on the Global economic forum that took place during the G20 summit in Buenos Aires in March this year.

However, unlike de Galhau, the ECB chairman of the Board Daniele Nouy told journalists that the cryptocurrencies within the limits of the EU were not very high on her task list.

We are discussing this problem in the regulatory perspective, and we are ready to do something if it is required,

 - she said.

De Galhau’s comments do not surprise those who are familiar with his track record since he is a well-known cryptocurrency skeptic.

Last year, for instance, when the Bitcoin rate was approaching its maximum of 20 000 dollars, the head of French Bank stated that he didn’t consider Bitcoin the cryptocurrency:

We have to clearly understand: Bitcoin in no case is currency or even cryptocurrency. It’s a speculative asset. Its price and extreme fluctuations do not have the economic background, and no one is responsible for it.

More news

Ukraine Will Regulate Cryptocurrencies as Financial Instruments

Ukrainian financial regulators plan to recognize cryptocurrencies as the financial instruments such as shares, obligations, or bills.

15 Aug. 2018

Bitcoin Dominates in Conditions of “Altpocalypse”

The main world cryptocurrency expands its leadership in the market capitalization despite the “parachute jumps” and drop in price under $6000.

14 Aug. 2018

Bitcoin Fell Below $6000

Bitcoin fell below the support level of $6000. The recent optimism concerning the growth of Bitcoin turned out to be insufficient to encourage investors to keep the tendency.

14 Aug. 2018