Global Regulation of Cryptocurrencies Gains Momentum
Date: 2023-10-04 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
The world of cryptocurrencies is at a crossroads as prominent figures advocate for a unified approach to its regulation. Mario Centeno, the head of the Central Bank of Portugal, has joined the chorus of voices urging for global oversight of cryptocurrencies. He emphasized that efforts at the national level fall short in addressing the challenges posed by the crypto industry.
Centeno pointed out the risks of long-term instability and expressed skepticism about the transformative potential of digital assets, even questioning their existence in the future. To support his arguments, Centeno referenced the collapse of several crypto products, attributing their downfall to the absence of international consensus on regulating digital assets.
Rupert Schäfer, the Executive Director for Strategy, Policy, and Control at the Federal Financial Supervisory Authority in Germany, echoed similar sentiments. While acknowledging progress in cryptocurrency regulation with the adoption of MiCA rules in the EU, Schäfer noted discrepancies in global standards.
During the G20 summit in August, Indian Prime Minister Narendra Modi also advocated for global cooperation in shaping cryptocurrency rules. He cited the aviation industry as an example of successful global regulations and called for the implementation of similar global standards in the crypto sector.
