Regulation Isn’t the Enemy — It’s the Battleground

[nihalsari]

Despite his skepticism toward Bitcoin, Galhau stopped short of rejecting private innovation entirely. He acknowledged that money has always existed as a public–private partnership and said tokenization could play a meaningful role — as long as it operates within clear regulatory boundaries. In his view, regulation is what transforms innovation into something society can rely on.

He also sought to reassure banks that Europe’s digital euro is not designed to replace them, but to modernize payments while preserving monetary sovereignty. The exchange underscored a deeper reality: the future of money won’t be decided by ideology alone, but by how well systems balance trust, innovation, and choice.

[ed]

public–private partnership framing is actually more nuanced than the usual cbdc doom takes