The European Central Bank (ECB) Governing Council has announced a new oversight framework for electronic payments, including cryptocurrencies. Here are the details of the legislation…
ECB issues regulation that also accommodates cryptocurrencies
According to the statement made by the ECB, PISA, an oversight framework created by the Eurosystem for enhanced electronic payment instruments, plans and regulations, targets companies that provide support for e-money transfers, payment cards, cryptos used in payment. According to the published framework, the Eurosystem deemed payment instrument innovation, possibly including crypto payments, sufficient to expand the scope of existing surveillance.
As ECB board member Fabio Panetta said, “The retail payments ecosystem is evolving rapidly thanks to innovation and technological change. This requires a forward-looking approach to auditing digital payment solutions.” Panetta said this includes “digital payment tokens such as stablecoins.” The PISA framework will not apply to “services where the transfer of value is purely investment driven (e.g. investment in digital tokens)”. Every state in the Eurosystem will be tasked with implementing the ECB’s PISA framework.
The ECB also talks about an upcoming EU regulation on international standards for cryptocurrencies and global stablecoins. The ECB says it aims to ensure that payment systems contribute to “trust in the currency.” cryptocoin.com As we have previously reported, the ECB had argued about the use of the “stablecoin” name, stating that it was inappropriate. Towards the end of 2020, five EU states – Italy, Germany, Spain, France and the Netherlands – urged the European Commission to establish strict stablecoin regulations.
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