Denis Beau, deputy governor of the Banque De France, the central bank of France, has said during a speech given at a meeting of the Forum of Monetary and Financial Institutions (OMFIF) that it is necessary to develop an international legislative framework to regulate cryptocurrencies.
He has literally said:
"There is indeed a need for overall consistency to prevent regulatory arbitrage under the ‘same activities, same risks, same rules’ principle."
According to him, the only possible way to do this is by developing an internacional crypto regulation.
These statements come after regulators around the world express their concerns on Facebook's cryptocurrency, which could become a threat to international stability due to its huge user base.
The deputy governor of France's central bank has proposed that the best way to deal with threats such as Libra is to develop an internacional crypto regulation and allow central banks to launch with their own central bank currencies (CBDCs).
The French and German finance ministers have recently said their countries will not allow the development of the Libra project in their countries.
iHodl reported in April that France wants the rest of the EU member states to adopt its crypto regulation.
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