François Villeroy de Galhau, the Governor of the Bank of France, on Sunday said the recent crypto market meltdown caused by massive sell-offs has pushed consumers to trust more in banks than digital assets.
The French central bank head made the remarks at the World Economic Forum, where Galhau said the shift might be due to the nature of private cryptocurrencies. The executive, therefore, stated users might seek to align themselves with products promoting trust, like Central Bank Digital Currencies (CBDC).
France’s central bank governor said crypto coins are unreliable because they lack an underlying claim backed by the government. He, therefore, noted that the trust concerns would likely accelerate the use of CBDCs.
“In recent weeks, citizens have lost trust in cryptos, but more than in central banks without any doubt... Nobody is responsible for the value of cryptos, and it must be accepted universally as a means of exchange,” Villeroy stated.
The Governor said trust still exists...
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