Bank of France Governor François Villeroy de Galhau has warned that Europe’s financial hegemony could be adversely affected if the European Union (EU) fails to “quickly” regulate cryptocurrencies.
François believes that the EU needs to provide a proper framework that will govern the activities surrounding crypto to preserve the sovereignty of the Euro.
“Whether it is digital currencies or payments, we in Europe must be ready to act as quickly as necessary, or take the risk of an erosion of our monetary sovereignty.”
François Villeroy de Galhau says there isn’t “much time left” to salvage the situation.
“I must stress here the urgency: we do not have much time left, one or two years.”