A guardian group established to respond to financial crises in the European Union has been reported to have been pushed for a ban on multi-issue stablecoins.
According to a report by Tuesday Bloomberg, the European Systemic Risk Board passed A recommendation last week to inhibit some stablecoins released together in the EU and other constituents. The policy, while not legally binding, could force the authorities to tighten the activities of stablecoin providers such as Circle and Paxos, which operate in the region.
The EU Watchdog Group’s reported step just came a few weeks after the European Central Bank President (ECB) Christine Lagarde called for the rules To address the crypto regulation, the calling of potential gaps to stablecoins released by non -EU entities. An officer in the central bank of Italy also said in September Multi-issue stablecoins have pose some risks to EU finance stability.
It is unclear at the time of publication whether the suggested Stablecoin ban will gain support to authorities and lawmakers with a way to do this. Some of the largest stablecoins by market capitalization, including Tether (USDT), is in the US dollar and not the euro.
Related: USDC issuer partners with Deutsche Börse for Europeo Stablecoin Adoption
EU authorities are still exploring a digital euro
Although the release of a digital euro by ECB was not a certainty, the officers became Exploration of a potential to be controlled Since 2021.
https://www.youtube.com/watch?v=ry9MI57PBJS
ECB Executive Board Member Piero Cipollone said in an interview Last week that EU member states could reach an agreement with a digital euro “by the end of the year,” with a possible launch in 2029.
“We are designing a safe, reliable and international -accessing form of central bank money for digital age,” Says The Cipollone in a speech on Monday, adding: “Digital Euro, in conjunction with physical cash, can take on a leading role in maintaining Europe’s stability.”
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