Denis Beau who is the deputy governor of the central bank in France spoke about the focus on cryptocurrencies for central banks.
Beau of Banque de France spoke at the Official Monetary and Financial Institutions Forum conference which was held in London in October. His discussion was on the role crypto plays in the financial payment system around the world. He expects significant changes to the traditional system with developments like blockchain.
According to Beau, there are only three options for banks to address how they will handle cryptocurrencies. The first option is to ignore them. The second would be to ban them. The third would be to develop regulations across the board for cryptocurrency.
Both regulators and players in the crypto industry agree that the lack of standardization is a major problem. It has been the main obstacle to adoption of blockchain for many. Some governments have attempted to get ahead of others by creating regulations. The US has introduced a bill that would exclude crypto from being classified in US securities.