Deputy Governor of the French Central Bank Denis Beaux is confident that “central banks have only three optionssolving the problem of the spread of crypto assets. "
The deputy head of the Central Bank discussed the role of crypto assets in the traditional financial system during his speech at the conference of monetary and financial institutions in London.
Bo noted that the global cross-border systempayments at risk of facing threats and losses through technological innovation. This will jeopardize the functioning of the traditional banking ecosystem.
Bo noticed that stable coins are a serious competitor to traditional banking. The banker notes that the Central Bank has three possible options for regulating cryptocurrency circulation:
1. Ignore crypto assets that will increase potential risks for the traditional banking system.
2. Ban all crypto-assets at the state level, which is difficult if you take into account the extent of their distribution.
3. Develop uniform rules for the circulation of digital currency in the European space.
The banker considers the third direction the most promising for the banking system, and the most difficult. Digital currencies represent real competition that banks have not seen before.
Regulators and crypto market players note that the lack of unified rules, standards and procedures in the blockchain space remains the main problem in the development of the industry.