Central Banks Have Three Options for Crypto Regulations, Says Official
Joeri Cant's original article for cointelegraph.com reduced by 56%
Denis Beau, the deputy governor of France's central bank, Banque De France, recently delivered comments regarding central banks' approaches to cryptocurrencies. Establish appropriate cryptocurrency regulations On Oct. 16, Beau spoke at the Official Monetary and Financial Institutions Forum conference in London, where he discussed the role of cryptocurrency assets in today's global financial payment system.
"With the emergence of so called crypto-assets and so called stablecoins, we may also see new settlement assets develop which may compete against and possibly, according to their promoters, replace commercial and central bank money as settlement assets at the center of our payment systems." Beau adds that central banks really only have three available options to address cryptocurrencies. The second option would be to ban all cryptocurrencies and the third available option, which is the most preferred one in Europe and France according to Beau, is to establish and standardize crypto regulations across the board. The challenge of standardization Indeed, the lack of standardization of regulations and procedures in the cryptocurrency and blockchain spaces has been identified as a problem both by regulators and industry players.
Earlier this year, United States Representative Warren Davidson reintroduced the Token Taxonomy Act - a bill that would exclude cryptocurrencies from classification under U.S. securities laws.
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CN [too long; didn’t read]
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