European Union Makes Its Position on Global Stablecoins Clear

2019-12-6 15:14

Coinspeaker
European Union Makes Its Position on Global Stablecoins Clear

The European Union has finally made its position clear on the issue of global stablecoins being deployed and used within its borders. The Council and the Commission explained their position in a joint statement. While the authorities acknowledged the importance of technological innovations which can be of great advantage to the financial sector, they also acknowledged the problems and risks that come from such an arrangement. They include money laundering, cybersecurity, privacy consumer protection, market integrity, operational resilience, etc. All these problems, according to the authorities, are going to increase in tandem with the rise in the use of the stablecoins. 

It is also indicated that the rise of stablecoins presents new risks such as monetary policy, monetary sovereignty, financial stability, the safety and efficiency of payment systems, and fair competition. These are principal problems that are going to arise from the adoption of such global stablecoins in the European Union.

The Council of the European Union and the European Commission further went on to affirm their position and the position of other organizations and nations within the G7 working group on cryptocurrencies indicating that “projects and arrangements should not come into operation until all of these risks and concerns are properly addressed”.

This raises the bar substantially for these global stablecoins as the European Union has been known to have created one of the most complex and complicated frameworks as far as rules and regulations regarding technology are concerned. This has been born out of the need for the EU to protect the citizens of its member states as well. 

There should be legal clarity about the status of global stablecoins. The statement reads that further information is needed on how to create and implement regulatory frameworks that can deal with the operations of global stablecoins within the European Union.

The authorities also called for the creation of an evidence base that can serve as the basis for a common response within the European Union which will involve all the relevant organs of state that include all monetary supervisory authorities at state level, the European Central Bank (ECB) and central banks of the various nation-states within the EU.

The statement reads:

“In view of the above, the Council and the Commission state that no global “stablecoin” arrangement should begin operation in the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and addressed”.

This, of course, indicates that global stablecoins such as Facebook’s Libra have one big hurdle in front of them as the European Union has put forward an official position which we all have to abide by due to the significance of the EU itself as a bloc. We all remember the EU’s GDPR rules and how they were foisted on all of us. The same thing has come to stay within the crypto space. As for the net result? That remains yet to be seen as decentralized technologies tend not to follow the trends that centralized technologies follow and it will be interesting to see how this plays out.

European Union Makes Its Position on Global Stablecoins Clear

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Exchange Union (XUC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 1.4836 (-100%)

european global position stablecoins union clear makes

european global → Результатов: 101


AFME proposes five recommendations for supervisory convergence of crypto-regulations

The Association of Financial Markets in Europe, a body that represents global and European banks, recently published a paper highlighting the necessity for regulators across 11 jurisdictions in EuropeThe post AFME proposes five recommendations for supervisory convergence of crypto-regulations appeared first on AMBCrypto.

2019-11-14 14:30


Nasdaq adds DeFi cryptocurrency index including Augur, MakerDAO, 0x

Nasdaq is adding a new index that is dedicated to blockchain projects in decentralized finance, featuring major cryptocurrencies such as Augur, Maker, and 0x. EXANTE, a European investment services firm that was established in 2011 to offer global multi-asset financial services, partnered with the stock exchange operator Nasdaq to offer the Decentralized Finance Index (DeFix).

2019-9-11 04:45


Bitpanda launches their Global Exchange after having raised €43.6 million in the most successful European IEO to date

Bitpanda raised €43. 6 million by selling out their IEO BEST is the most successful European IEO to date The Bitpanda Global Exchange is the first worldwide product and was made for professionals and institutions It aims to become the largest Euro exchange with the lowest fees for fiat-to-crypto trading in the industry Bitpanda will use […] The post Bitpanda launches their Global Exchange after having raised €43.

2019-8-8 09:25


Facebook’s Libra Continues To Receive Worrisome Outlooks From Global Finance Regulators

Libra, the cryptocurrency project headed by Facebook and the Libra Association, is getting heat from several privacy and data protection regulators around the world. According to recent reports made by The Block Crypto, regulators from countries such as the United States, Canada, United Kingdom, Australia and the European Union are all concerned about Libra and […]

2019-8-7 22:35


European Central Bank: “Bitcoin is Not a Currency But an Asset that is Very Volatile”

Bitcoin has unarguably gained massive adoption of recent and there are hopes that someday, it could potentially become a global currency. However, the European Central Bank, the Central bank for Europe’s currency Euro in a tweet on July 9, 2019, stated that it has no plans to add Bitcoin to its reserves because Bitcoin is […] The post European Central Bank: “Bitcoin is Not a Currency But an Asset that is Very Volatile” appeared first on ZyCrypto.

2019-7-10 15:34


Фото:

Romania Blockchain Summit: June 21 to 22, 2019 in Bucharest, Romania

Romania Blockchain Summit, one of Europe’s biggest Blockchain events, to take place on June 21-22, in Bucharest. Romania Blockchain Summit promises to be one of the most important conferences dedicated to innovative technologies in the South-Eastern European region, bringing together the public sector, political decision-makers, developers, researchers, global entrepreneurs, leaders, and innovators.

2019-5-22 14:24


European Blockchain Convention is landing in Copenhagen as the 1st international blockchain conference in the Nordics

The European Blockchain Convention is an exceptional opportunity to help the Danish business sector take a strategic position on the Global Blockchain map. Following on from a successful conference in Barcelona in 2018, the founders Victoria Gago [Copenhagen] and Daniel Salmeron [Barcelona] have decided to bring the European Blockchain Convention to Copenhagen on May 20, […] The post European Blockchain Convention is landing in Copenhagen as the 1st international blockchain conference in the Nordics appeared first on AMBCrypto.

2019-4-24 12:30


Фото:

The Global Blockchain Summit Slovenia to take place April 29 to 30, 2019 

Following the recent “Blockchain for Sustainable Development Goals” tour across Europe and Asia, the European Blockchain HUB (EUBC HUB) and Nispana, under the patronage of the Ministry of Economic Development and Technology of the Republic of Slovenia, are inviting and welcoming experts on blockchain from different stakeholder groups, entities, and individuals from all around theRead MoreRead More.

2019-2-10 10:00