Banque de France Emphasizes Global Strategy For Cryptocurrency Regulation

On Tuesday, the governor of France’s central bank called for “internationally harmonized answers” to address the potential risks of cryptocurrencies.

On April 24, 2018, the governor of the French central bank addressed two major global economic issues. The governor, François Villeroy de Galhau, simultaneously criticized President Trump’s protectionist trade strategy and remarked on the need for “internationally harmonized answers” to deal with the cryptocurrency markets. “In particular,” he said, “we should work on exchanges and platforms which provide services at the interface between crypto-assets and the real economy.”

Villeroy de Galhau’s comments demonstrated a focus on the financial on-ramps into the cryptocurrency ecosystem. He zeroed in on the root causes for concern rather than possible symptoms of cryptocurrency infrastructure (e.g., money laundering, terrorist financing).

In February, Villeroy de Galhau joined French finance minister Bruno Le Maire and their German counterparts to author a letter to the G20, asking the international forum to discuss cryptocurrency. The officials called for an International Monetary Fund report on the financial stability ramifications of cryptocurrency, an international report on the implications of cryptocurrencies, and progress on transnational regulation.

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