Director of the BIS Innovation Center: Global cryptocurrency regulatory framework may be ready for 2022

On December 19, Benoit Coeure, director of the Innovation Center at the Bank for International Settlements (BIS), recently told the Financial Times that global cryptocurrency regulation could be ready for the year 2022.

Coeure noted that since cryptocurrencies were entering the market quickly, it was time for full control. The former head of the European Central Bank seems particularly concerned about the threat to the traditional financial system (TradFi) that DeFi's rapid growth poses as a "risk".

Coeure said different decisions could suggest a way to look at cryptocurrencies that are not globally viable. However, he believes that there is still enough time to avoid management controversies and set up a global administration of the current heritage. Coeure also said consumer protection should be a top priority for policymakers. Therefore, he proposed to ban pensions from interfering with cryptocurrencies to avoid the risk of interference.