The European Union is seeking to make progress in the decision-making process for digital finance, starting with digital currencies. A member of the European Parliament revealed that they are preparing to introduce a new cryptocurrency regime, which will bring tighter regulatory oversight for global stablecoins such as Libra.
On the occasion of the Digital Finance Outreach 2020, Valdis Dombrovskis said that Europe should take a leading role in defining the regulations for digital finance. Dombrovskis, Vice-President of the European Commission, responsible for the euro and social dialogue.
According to his statement, companies in Europe are leading the way in digital finance with the development of new technologies. Therefore, now is the best time for Europe to become a global standard-setter by strengthening its international presence.
Global stablecoins will face stricter supervision
Dombrovskis went on to point out that cryptocurrencies will be the first sector to regulate closely, in particular global stablecoins such as Libra designed by Facebook. Security tokens are another cryptocurrency regulated by European law; however, global stablecoins are not.
He also stressed that global stablecoins could undermine monetary and financial stability.
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Commodities strategist, expert in supply chain market, procurement, forex and advisor Stablecoins. www.goldencross.io