François Villeroy de Galhau, the Governor of the Banque de France, spoke today about how central bankers should respond to blockchain developments. He talked as the Chairman of the BIS, introducing the BIS Innovation Summit.
The Governor recognized the ability of blockchain to remove intermediaries and create new solutions. “Are these disruptions as powerful as those brought by the invention of the internet three decades ago?” he asked. “It may be too early to tell. But DLTs are expanding at a fast pace and have the potential to bring about far reaching changes.”
Like most central bankers, Villeroy de Galhau dismissed Bitcoin as only having marginal use as a means of payment and questioned its credentials as a store of value, comparing it to 17th century Dutch tulips. He likened stablecoins to early private banks that issued their own notes.
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