The European Union (EU) is committed to regulating the digital asset market. Brussels officials want comprehensive cryptocurrency laws by 2024.
European Union and Cryptocurrencies
European Union plans to include cryptocurrency and blockchain regulations in its main legislative processes .
According to internal EU documents published on Friday by Reuters, in the next four years, the EU wants to lay down new rules that will promote the use of blockchain technology in the market and the use of digital assets for international money transfers.
The document includes, among others record:
“By 2024, the EU should put in place a comprehensive framework to bring distributed ledger technology (DLT) and cryptocurrency assets to the financial sector […]. It should also take care of the risk related to these technologies ”.
The digitization of payments is a must
Having found that almost 80 percent. With the EU population still making transactions in paper money, the European Commission wants digital payments to become more common.
The Commission’s stated goals include a will “Increasing access to data, availability of financial activities” – all while striving to increase system performance.
It is worth adding that the above process will certainly accelerate the coronavirus pandemic. The new president of the European Central Bank, Christine Lagarde, recently said that the institution she manages will accelerate the work on the digital euro.
– The pandemic served as a catalyst, accelerating the transition to a new digital normal. The overwhelming majority of consumers expect to continue to use digital services as often and even more frequently She said at a recent conference. – Digital money is not new as banks have had access to central bank money for decades. However, new technology can be used to improve the settlement of financial transactions. It also opens up the possibility of creating a retail CBDC that would be very innovative as it would be accessible to a wide audience (…) but Europe is lagging behind in this area – she said.
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