Monday, 21 September 2020

Europe's 5 largest economies call on European Commission to set strict rules for cryptocurrencies

Germany, France, Italy, Spain, and the Netherlands called on the European Commission to draw up strict regulation for asset-backed cryptocurrencies—such as stablecoins—to protect consumers and preserve state sovereignty in monetary policy, Reuters reported.

The finance ministers of the aforesaid five European Union member states said in a joint statement on Friday that stablecoins should not be allowed to operate in the 27-member bloc until legal, regulatory, and oversight challenges had been addressed.

“We all agree that it’s our task to keep financial market stable and to ensure that what is a task for states remains a task for states,” German Finance Minister Olaf Scholz told reporters during a joint statement with his counterparts.


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