tl;dr
Francois Villeroy de Galhau, the governor of Banque de France and a member of the European Central Bank Governing Council, criticizes U.S. President Donald Trump for supporting cryptocurrencies. In an interview, Villeroy de Galhau warns that embracing crypto-assets and non-bank finance could lead to...
France central bank governor warns of future upheavals due to Trump's support for cryptocurrencies
France central bank governor, Francois Villeroy de Galhau, criticizes U.S. President Donald Trump for supporting cryptocurrencies. In an interview, Villeroy de Galhau warns that embracing crypto-assets and non-bank finance could lead to future financial crises, citing historical precedents. He views the current trend of deregulation in the U.S. as dangerous and is not alone in his criticism, as other financial figures have also expressed concerns about Trump's economic policies.
In an interview with French weekly La Tribune Dimanche, Villeroy de Galhau said that the U.S. might be paving the way for the next financial crisis by embracing cryptocurrencies and non-bank finance. He believes that the American administration is "sowing the seeds of future upheavals."
Villeroy de Galhau was one of the first economists to voice his concerns about Trump and his policies, even before Trump’s inauguration in January. He has been openly critical of Trump's policies, particularly regarding the lack of regulation in non-bank financial sectors and crypto-assets, which he believes pose risks to financial stability.
Villeroy de Galhau believes that the "current wave of American deregulation is dangerous." He also criticizes Trump's trade wars and economic policy, calling it a "tragedy for the American economy."