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Tuesday

29 September 2020

Bank of France: stablecoins could impact EU financial sovereignty ‘for decades’

Bank of France: stablecoins could impact EU financial sovereignty ‘for decades’


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The governor of the Bank of France has warned that Europe cannot afford to lose momentum in tackling the challenges posed by private sector global digital assets. .

Moreover, he warned that individual jurisdictions could then respond to the overwhelming pressure of private payments assets by issuing their own CBDCs, both domestically and globally — but without sufficient coordination in the global financial community. .

If these are ignored, private sector global stablecoins will address these shortcomings first and thus set the agenda for the future evolution of the digitized economy.  

In response to any future private sector stablecoin, the governor indicated that “the adaptation of existing regimes will have to fit into a larger regulatory framework, to be adopted at a global level.”

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cointelegraph.com
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