EU Ministries of Finance urged to tighten the rules of circulation of stablecoins

Ministries of finance of five countries of the euro zone called for a revision of the policy in the field of working with stablecoins towards tightening. The initiators of this decision were the policy regulators of Germany, France, Italy, Spain and the Netherlands.

In particular, it is proposed to develop regulatory rules according to which financial instruments backed by stablecoins should be tightly regulated to ensure the safety of investors and preserve state sovereignty, according to Reuters.

“Our main task is to ensure the stability of the financial system and to make sure that what is the task of states remains only a task for states,” said Olaf Scholz, head of the German finance department. In turn, the head of the French regulator stressed that only the European Central Bank can use the right to issue digital currency in the euro area. “None of the projects should claim this role, including the so-called Libra project,” he stressed, expressing hope that the Commission will soon issue clear rules to avoid the misuse of cryptocurrencies for terrorist activities or money laundering.