Spans in the wheels of Bitcoin – All over the world, Bitcoin (BTC) and decentralized cryptocurrencies are frowned upon by central bankers. This real competition to their own broadcasts fiat currencies should therefore be hindered as much as possible. For that, nothing better than a ultra-binding regulationas called for by his wishes Francois Villeroy de GalhauGovernor of the Bank of France.
Bitcoin in freedom, it’s over: direction the guarded park
This September 27, 2022 is held at the Louvre Museum in Paris, the “Conference on the opportunities and challenges of the tokenization of finance”. The event, organized by the Bank of France (BdF), brings together the cream of the planet’s central and supranational bankers
US Federal Reserve (Fed), Bank for International Settlements (BIS), European Central Bank (ECB), … A hell of a banking elite is meeting to discuss cryptocurrencies. Cryptos which now seem to be taken very seriouslyafter more than a decade of systematic denigration by these same bankers.
The Governor of the BdF, Francis Villeroy de Galhauopened this ball of the big money makers with a speech advocating a advanced regulation of this new sector of digital assets, and this, as quickly as possible.
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“Adapted” regulation so as not to kill innovation? We hope so
The central banker insists on the need for a “well-adapted, coherent and evolving” regulation for crypto-assets. He points out that some cryptocurrencies, in particular stablecoinshave “stumbled” recently and had exhumed “age-old dangers” (just that) for global finance.
Villeroy de Galhau also takes the liberty of criticize incidentally the historic decision of the salvador to do Bitcoin a legal tender currency :
“El Salvador’s decision to make Bitcoin an official ‘currency’ in September 2021, regrettable as it is, is a notable experiment in a forced attempt to label as currency something that is nothing more than a crypto-active. (…) The so-called ‘crypto winter’ is no reason to rest on one’s laurels or remain inactive. Europe has been a pioneer in designing and drafting a new regulatory framework, called MiCA (Markets in Crypto-Assets), suitable for new actors and assets. I can only hope for its rapid formal adoption, ideally by March next year. (…)”
The very problematic MiCA law will it break the crypto sector and its innovations from the first quarter of 2023? In any case, nothing in the speech of the Governor of the Banque de France seems to show that the will is to have a law “adapted” to cryptocurrencies. Its visible rejoicing for the market fall (in the fact that the crypto winter is slowing their adoption) shows that the goal is to finish off those nasty currencies that have a nasty tendency to spiral out of control and resist censorship and surveillance.
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Cover photo credit: rights reserved Marthe Lemelle