{"id":28575,"date":"2020-09-13T09:42:25","date_gmt":"2020-09-13T06:42:25","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=28575"},"modified":"2025-08-27T12:17:11","modified_gmt":"2025-08-27T09:17:11","slug":"european-countries-push-for-tougher-regulation-of-stablecoins","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/european-countries-push-for-tougher-regulation-of-stablecoins\/","title":{"rendered":"European countries push for tougher regulation of stablecoins"},"content":{"rendered":"<p>Germany, France, Italy, Spain and the Netherlands have urged the European Commission to develop strict rules for stablecoins, &#8220;with the aim of protecting consumers and safeguarding state sovereignty in monetary policy.&#8221; <a href=\"https:\/\/www.reuters.com\/article\/us-eu-economy-cryptoassets\/european-countries-call-for-eu-stablecoin-regulation-idUSKBN26219G\" target=\"_blank\" rel=\"noopener noreferrer\">Reuters<\/a> reports.<\/p>\n<p>In a joint statement, the finance ministers of the five countries expressed confidence that stablecoin issuance should not be admitted in the bloc of 27 member states, &#8220;until regulatory and supervisory issues are resolved&#8221;.<\/p>\n<p>It is expected that the European Commission will present its regulatory proposals by the end of September.<\/p>\n<blockquote>\n<p>&#8220;We all agree that our task is to ensure the stability of the financial markets,&#8221; said German Finance Minister Olaf Scholz.<\/p>\n<\/blockquote>\n<p>Representatives of the five countries proposed:<\/p>\n<ul>\n<li>to require stablecoin issuers to maintain a strict 1:1 backing with fiat currency;<\/li>\n<li>stablecoin reserves should be denominated in euros or other currencies of EU member states;<\/li>\n<li>assets should be held in EU-approved institutions.<\/li>\n<\/ul>\n<p>In addition, all stablecoin-related organisations must be registered in the EU.<\/p>\n<blockquote>\n<p>&#8220;We expect very strict and clear rules from the Commission to prevent illicit use of cryptocurrencies to support terrorist activity and money laundering,&#8221; said Bruno Le Maire, France&#8217;s finance minister. &#8220;The European Central Bank is the only institution allowed to issue currency. And in this case, that must not be jeopardised or weakened by any projects, including Libra.&#8221;<\/p>\n<\/blockquote>\n<p>As previously reported, the European Union is drafting new rules to regulate the cryptocurrency industry.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forkloglive\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog FEED<\/a> \u2014 the full feed of news, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Germany, France, Italy, Spain and the Netherlands urged the European Commission to develop strict rules for stablecoins, &#8216;to protect consumers and safeguard state sovereignty in monetary policy&#8217;. Reuters reports.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[733,36,807],"class_list":["post-28575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-europe","tag-regulation","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=28575"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28575\/revisions"}],"predecessor-version":[{"id":28576,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28575\/revisions\/28576"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=28575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=28575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=28575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}