After being criticized by almost all the world authorities, it is the turn of the Romanian people to criticize Libra. The president of the Fiscal Council, Daniel Dăianu, expressed his position at a conference organized by the Romanian Academy last week:
“As for cryptocurrencies, my opinion is that they are dangerous. They are highly speculative financial assets, and assets such as Libra – even if they are based on assets considered safe or currency – are very dangerous because they are part of the logic of those who believe that parallel markets are needed, the disappearance of central banks. There is such a thought. The financial crisis has destroyed the reputation of governments and central banks, large central banks, and other currencies, parallel circuits, non-hierarchical structures are needed. So the discussion is much deeper. It is not only related to the monetary system. It is not by chance that libertarians are attached to this vision. Those who reject central banks would like to return to the world of free banking. That is why Libra is very dangerous, as it would reach billions of users and in fact would almost inevitably fracture the monetary system ”
said Daniel Dăianu.
Cryptocurrencies must be strictly regulated
He mentioned that central banks have such great difficulties in formulating and implementing their policies.
Dăianu is of the opinion that, in general, cryptocurrencies must be strictly regulated to protect the financial system. He also argued that the only way to prevent another crisis is through strict control of financial instruments by central banks:
“As for the future, if we put aside the cryptocurrencies, which have to be regulated very severely, I am for a very severe regulation of the capital markets, of what is called the shadow banking sector, in the future, monetary policy will be a combination of a pragmatic inflation targeting and the control of monetary aggregates. Macro-prudential measures inevitably also mean the control of monetary aggregates, because we are trying to put a stop to the money movement in the economy ”,
explained Dăianu.
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