EU Creating a Regulatory Regime for Cryptocurrencies, Says Economic Chief

EU Creating a Regulatory Regime for Cryptocurrencies, Says Economic Chief

Valdis Dombrovskis, Executive Vice President of the European Commission for An Economy that Works for People (Alexandros Michailidis/Shutterstock.com)

The European Union is preparing a new cryptocurrency regime that could include stricter requirements for “global stablecoin” projects such as Libra.

The bloc’s lead economics minister, Valdis Dombrovskis – or to give him his full title, the European Union’s Executive Vice President of the European Commission for An Economy that Works for People – said Europe had to seize the opportunity to become one of the main rule-makers for digital finance.

“This is a good chance for Europe to strengthen its international standing and to become a global standard-setter, with European companies leading new technologies for digital finance,” he said at the Digital Finance Outreach 2020 earlier this week.

And the first test case, Dombrovskis said, would be cryptocurrencies.

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