In Most Countries, Regulators Have Adopted A Harsh Stance Against Cryptocurrencies.
In most countries, regulators have adopted a harsh stance against cryptocurrencies.
Mario Draghi, the president of the European Central Bank, recently caused an uproar when he said that Bitcoin is an asset and not a currency.
This week, Francois Villeroy de Galhau, the governor of the Bank of France, stated that he believes that stablecoins have a future. Francois had previously stated that he didn’t perceive digital currencies as alternatives to conventional currencies. Despite this, the governor has expressed support for the concept of tokenization, which is seemingly popular with several regulatory authorities in the world.
Additionally, Francois revealed that the bank of France is loosely following projects that aim to use stablecoins in facilitating transactions involving tokenized securities as well as standard goods and services. Such statements will undoubtedly give crypto enthusiasts a bit hope reading friendly regulations. It also shows that tokenization and blockchain technology can be useful to the financial services sector.
However, those who want to eliminate intermediaries and make radical changes to the global financial markets know that there is a lot of work to be done. In addition to implementing these new technologies, there is a need for doing away with the current infrastructure.
After waxing lyrical on stablecoins, François unsurprisingly attacked Bitcoin, again.
Bitcoin enthusiasts know that its main advantages are immunity to inflation and freedom from government censorship. Perhaps these are the same reasons why François and other central banks are so much against Bitcoin.