October 21, 2020

EU integrates crypto assets into its financial system by 2024

EU integrates crypto assets into its financial system by 2024

In the new bill, the European Commission plans to outline a strategy to encourage the use of digital finance through the introduction of blockchain and cryptoasset technologies.

According to Reuters, the European Union is concerned that78% of payments in the euro area are made in cash. Therefore, in the next four years, the European Commission intends to develop and approve a comprehensive management structure that allows integrating distributed ledger technologies and cryptoassets into the financial sector, taking into account potential risks.

New rules will have to promote developmentinstant non-cash payment methods, improve their efficiency, and make cross-border payments faster and cheaper. In parallel, the European Commission will assess the impact of fees on consumers and may establish an upper limit not exceeding the level of fees for ordinary payments by bank cards.

Brussels is also interested in increasing the variety of services and increasing competition, for which it wants to simplify the exchange of data in the financial sector.

All these changes should help the EU get rid of its dependence on popular American payment systems such as Visa and MasterCard.

In addition, last week the Vice-Chairman of the European Commission Valdis Dombrovskis said that the issue of strengthening control of the stablecoin market will also be resolved in future legislation.