Business 25 April 2018

Cecille de Jesus

French central bank wants Europe to work on fiat-crypto exchanges

Governor de Galhau makes a U-turn on his stance on cryptocurrencies and wants platforms to easily switch between crypto-assets and the real economy.

Government and central bank intervention isn’t usually a happy thing for the crypto community, with the past year being riddled with crackdowns and regulations dragging trade values down. A recent statement by the Bank of France’s governor Francois Villeroy de Galhau, however, may put a smile on any crypto enthusiast’s face.

Last year, he issued a warning to the public about the volatility of cryptocurrencies, saying they are speculative assets that have “no economic basis” and are “nobody’s responsibility.” But in a statement at the City Week 2018 in London, de Galhau made a U-turn on his stance, saying focus should be shifted towards cryptocurrencies, and that bridges must be built to make it easy to switch between real world assets and crypto-assets.

“In particular, we should work on exchanges and platforms which provide services at the interface between crypto-assets and the real economy,” de Galhau said.

This contradicts the European Central Bank (ECB) chief supervisor Daniele Nouy’s previous statement saying cryptocurrency development is “not exactly very high on our to-do list.” Based on Nouy’s statements, they prefer a more passive stance in dealing with cryptocurrencies. “We scrutinize the issue in a regulatory perspective, we are ready to do something if it was needed,” she said.

While blockchain technology has been making strides and gaining applause from regulators themselves, so far, countries the world over are still divided when it comes to cryptocurrencies. Recent calls for unity have been made.

In March, the issue of cryptocurrency regulation has been a subject at the meeting of the G20 (Group of Twenty). Dutch Finance Minister Wopke Hoekstra wrote an open letter calling on European countries to immediately take a stand and come together on structuring regulatory framework to cover cryptocurrencies. He says that regulation must be created with an international approach, otherwise enforcement is impossible. After all, one of the main value proposals of cryptocurrency is its ability for frictionless cross-border transactions.

This stand was later echoed by International Monetary Fund (IMF) chief Christine Lagarde, saying “we can fight fire with fire” by turning blockchain technology against the criminals that use them for their illicit activities.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

latest news

‘Irresponsible tweets’ land John McAfee in hot water with Skycoin

Business 22 March 2019

‘Irresponsible tweets’ land John McAfee in hot water with Skycoin

Skycoin has responded on Twitter that it John McAfee’s comments about “whale f--king” that actually led to the project being forced to sever ties with the cryptocurrency influencer.

Read More
Watch out: Fake Wasabi crypto wallet out to steal your crypto

Business 22 March 2019

Watch out: Fake Wasabi crypto wallet out to steal your crypto

The scam wallet is an uncanny clone of the real Wasabi wallet. It comes with a fake website and for those who are not keen, it's almost impossible to distinguish between it and the real one.

Read More
UPS partners with blockchain startup for B2B platform

Business 22 March 2019

UPS partners with blockchain startup for B2B platform

UPS, a global leader in logistics, announced a partnership with Inxeption that targets B2B merchants.

Read More