The world needs to make standards for crypto regulations

Banque de France

A banker from a French Central Bank says that the world needs a regulatory framework for crypto assets.

Denis Beau, an executive chief of Banque De France said during the Official Monetary and Financial Institutions Forum in London that there is a necessity for overall consistency to prevent regulatory arbitrage under the ‘same activities, same risks, same rules’ postulate.

He supposes that the only way to make this work is to create a standardized regulatory regime.

The comments from many corners of the world are coming after Facebook announced the plan of launching a cryptocurrency. News from Facebook raised a lot of discussions among financial institutions and central banks. They insist that Libra is a threat to the global economic industry.

Beau mentioned that Libra can achieve significant market power, which will become a risk for financial stability. He didn’t offer any exact steps to control Libra, he just mentioned the need for global regulatory standards, and that it would be great if central banks started to issue their digital currencies.

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