Stablecoins raise ‘sovereignty challenge’, says de Galhau

French governor says rise of the cryptocurrencies highlights need for pan-European action on payments

François Villeroy de Galhau: “Regulators will have to keep a very close eye at the global level”

The movement towards the launch of stablecoins is generating new challenges for regulators, who will have to work together more closely with colleagues overseas, François Villeroy de Galhau said on September 17.

In remarks made at the London School of Economics, the Banque de France governor said stablecoins such as the Facebook-backed libra raised a “sovereignty challenge”, as well as “serious regulatory and systemic concerns”.

“Regulators will have to keep a very close eye at the global

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