Brussels who do not take into account the BCE warnings on Stablecoin rules, reports FT
(Reuters) – The European Commission is expected to announce new rules for the fast -growing stable market in the coming days, despite the warning of the European Central Bank (ECB) that the proposed standards could destabilize the banks of the region during the periods of market volatility, the Financial Times said on Wednesday.
The executive branch of the European Union plans to issue formal orientations proposing that the floors issued outside the block are treated as interchangeable with homosexual versions authorized only on the EU markets, said the newspaper, citing people informed of its content.
The announcement of the directives is scheduled for the coming days, the FT reported, citing an anonymous source.
Reuters could not immediately confirm the report.
Brussels proposed legislation on the creation of a digital euro, a so-called Central Bank motto in June 2023, but not much since.
The ECB considers a digital euro as a response to the thrust of American president Donald Trump to promote stablecoins, a type of cryptocurrency generally armed with the US dollar.
The president of the ECB, Christine Lagarde, renewed her plea on Monday in the European Parliament, describing the digital euro as the key to the financial autonomy of Europe.
It has targeted competing and private stable stables, claiming that they pose “risks for monetary policy and financial stability” because they could attract the deposits of banks and have not always maintained their fixed value.
A spokesperson for the European Commission told the FT that “a race on a well-adjusted and fully guaranteed stable is very unlikely”.
Even if that should happen, “foreign holders would buy their tokens (for example) the United States, where the majority of tokens are circulating and the majority of reserves are held,” said the spokesperson.
The committee did not immediately respond to a request for comments.
(Report by Yazhini MV and Mrinmay Dey in Bengaluru; edition by Kevin Liffey)
