Two new EU documents propose a four-year period to create a bill to regulate crypto assets and integrate them into the EU's payment infrastructure. The structure under development will include both the integration of cryptocurrency payments and risk management.
Last week, finance ministers from France, Germany, Italy, the Netherlands and Spain called on the European Commission to include strict rules in the upcoming cryptocurrency bill, especially for global digital tokens like Facebook's Libra. In a joint statement, the countries said stablecoins should not be allowed to operate in EU countries until legal, regulatory and supervisory issues are resolved.
The European Commission plans to publish a Digital Finance Strategy along with new cryptocurrency regulations later this month. The document will contain the priority actions of the Commission until 2024. According to Reuters, the European Commission is particularly interested in adapting cryptocurrency, as the dominance of cash is a threat amid the pandemic.
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