As the new US administration led by Donald Trump continues to take new steps against Bitcoin (BTC) and cryptocurrencies, the US's crypto policies have received warnings.
According to Bloomberg, French Central Bank President and European Central Bank Board member Francois Villeroy said that Trump's turn to cryptocurrencies could lead to a new financial crisis.
Speaking to local French news agency La Tribune Dimanche, François Villeroy expressed his concerns about Donald Trump's cryptocurrency policies.
Villeroy pointed to the US administration’s support for cryptocurrencies and non-bank finance, saying these were planting the seeds of a future financial crisis.
Stating that these policies could lead to a financial crisis, Villeroy pointed out that financial turmoil usually begins in the United States and then spreads globally.
“The United States risks making a serious mistake through negligence.
Historically, financial crises typically begin in the United States and spread globally.
By encouraging the development of cryptocurrencies and non-bank finance, the US government is effectively sowing the seeds of future turmoil.”
Criticising US policies, Villeroy said European regulations were strong enough to protect the 27-nation bloc and said “there is no risk of a banking crisis in Europe”.
*This is not investment advice.
