French Central Bank Governor Francois Villeroy de Galhau has announced that France will set up a G7 cryptocurrency task force to study how central banks ensure cryptocurrencies are governed by regulations ranging from money-laundering laws to consumer-protection rules. The task force will be led by Benoit Coeure, a European Central Bank board member. Francois Villeroy de Galhau believes the concept of a ‘stable’ cryptocurrency still needs to be define. In particular, what such instruments are stable against and how fixed their exchange rates are need to be determined. He also called for a network of national anti-money-laundering authorities, coordinated by the European Banking Authority, to carry out emergency measures and even substitute for national authorities, rather than creating a specialised European agency.

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