April 25, 2024

EU bans the use of stablecoins

Cryptocurrencies like Facebook's Libra will only be legalized if allassociated risks, said in the Council of the EU.

The European Union did not allow the use of itsstablecoins such as Libra. The Council of the EU explained that the legalization of the circulation of such cryptocurrencies is possible only after the identification and elimination of all legal and supervisory risks, reports TASS.

“No world stable cryptocurrenciesshould be legally used in the EU until all the legal, regulatory and supervisory risks and challenges associated with them are assessed, identified and eliminated, ”the EU Council said in a statement.

November 26, Vice-President of the European Commission ValdisDombrovskis presented the EU's plans to launch a unified digital system by the end of 2021. Dombrovskis noted that this initiative will help overcome Europe's dependence on external payment services such as Visa, MasterCard, Amazon, Apple and PayPal.