5/23, 6:54 PM (Source: TeleTrader)
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Regulating crypto an 'emergency' - ECB's Villeroy

Governing Council of the European Central Bank (ECB) Member Francois Villeroy de Galhau shared on Monday, during the panel on Central Bank Digital Currencies (CBDC), that crypto regulation is a "matter of emergency" for Europe at the moment.

Villeroy emphasized that Europe needs to "put new rules" adding that "people have lost trust" in crypto. He asserted that the current ECB policy is not intended to influence currency rates. Villeroy stated that crypto "is not a reliable currency, they are not a reliable means of payment."

The ECB member added that "in order [for something] to be a currency somebody must be responsible for the value" which has not been the case for crypto. On the topic of CBDC, Villeroy stated that "a prototype testing in ECB [will be in place] through end of 2023 or early 2024." He said that "what is happening in the crypto world could be an acceleration of CBDC."

Baha Breaking News (BBN) / AY