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Stable-Coins Series: Francois Villeroy de Galhau of ECB and Bank of France Seems Optimistic on Stable Coins Than Bitcoin
Villeroy seems to have reckoned that cryptocurrencies pegged to the major fiat currencies would be more useful among the mainstream finance apparatus. Speaking in Paris on Tuesday (May 14, 2019), Francois Villeroy de Galhau, who is the Governor of Bank of France and also “a frontrunner for the ECB Presidential post ranted”has been observing with keen interests in the private sector which intends at building networks within which ‘stable coins’ that would be utilized in transactions involving ‘tokenized’ securities in a greater extent. He also thinks that these stable coins are quite different from speculative assets like bitcoins, but more promising for greater utility, as per the sources of Bloomberg.
Thereby, if not bitcoin which is a pioneer cryptocurrency, European authorities appeared to be little constructive on crypto-assets (in the form of the stable coin). ECB’s Draghi was upholding euro rather than bitcoin, who considered pioneer cryptocurrency as just an asset.
Recently, the European Securities and Markets Authority (ESMA), the E.U.’s in-house financial agency based in Paris, also released an in-depth report on “crypto-assets.” Wherein, the substance shines some light on how the regulators should address digital currencies and guide exchanges dealing with them. In this perspective, it outlines live apprehensions of the crypto avenue and the potential threat areas, like the reliability of custodians and liquidity matters.
Notably, the ESMA alarms this emerging asset class, with liquidity concerns in conjunction with other issues, like scams, fraud, missing surveillance measures, speculations, and cyber-attacks, etc are the genuine hindering reasons that resemble with the U.S. Securities and Exchange Commission (SEC) clarifications on the BTC ETF deferrals and denials.
Villeroy’s appended further to signify disgust for Bitcoin upon its property to dislocate their dominion the gamut of the global finance.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 181 levels (which is highly bullish), hourly USD spot index was at 120 (highly bullish) while articulating at (13:35 GMT).
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