InstaForex

October 8, 2021

ECB Has Started Taking Steps, Villeroy Calls for Regulation in Crypto!

 A member of the European Central Bank's (ECB) governing council, Villeroy de Galhau, called for crypto regulations to be implemented more quickly. The statement was issued amid a rebounding crypto market.


Villeroy personally was an individual who supported the CBDC project and expressed support for large banks to consider the use of the CBDC. He generally thinks that the crypto market is growing at the fastest rate.


Villeroy also encouraged the Central Bank to also participate in the crypto market. In addition to the risks that will be posed by the Digital Yuan developed by the Chinese government.



Villeroy, who also serves as President of the Bank of France, said his call for faster crypto rules could point to stricter measures to dominate the crypto market than crypto-centric rules that would help it grow further.


So far several countries have urged their respective regulators to draft and implement crypto regulations in the market with the aim of protecting investors.


The United States through the Securities Commission, Gary Gensler has assured that they have no plans to ban crypto activities but expressed a desire to impose strict regulations.