A senior official at the French central bank has said that the onus is on those companies developing stablecoins to ensure that they do so in a responsible manner, as well as reiterating plans for the authority to begin work on its own digital currency.
Denis Beau, first deputy governor at the Banque de France, described how regulatory oversight would look to remain responsive to initiatives from the market rather than building a monolithic regime within which companies would be obliged to work.
Such an approach, however, required that “it is first and foremost the responsibility of the private sector to design stablecoin schemes that do not bring undue risks to our payment systems”.
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