A French central banker is calling for a global regulatory framework on crypto assets.
In a speech at an Official Monetary and Financial Institutions Forum (OMFIF) meeting in London on Tuesday, Denis Beau, a deputy governor of Banque De France, said:
“There is indeed a need for overall consistency to prevent regulatory arbitrage under the ‘same activities, same risks, same rules’ principle.”
And the only way to ensure that, he said, is with a standardized regulatory regime.
The comments come as Libra, the Facebook-led digital currency project, has raised the ire of regulators and central banks as a threat to the financial world order.
Comparing Libra to central bank-issued digital currencies (CBDC), Beau said the yet to be launched coin “may achieve significant market power, thus posing risks to security and financial stability.” Read More...