More than 40 initiatives related to digital assets have been proposed in the European Parliament, while ECB analysts discuss the future of cryptocurrencies
More than 40 initiatives related to digital assets have been proposed in the European Parliament
MEP Chris McManus considers it necessary to make more than 40 amendments to EU legislation. All of them are aimed at strengthening regulatory measures for digital currencies in Europe.
According to the McManus initiative, all European issuers of cryptoassets must be licensed by the relevant regulator. They must submit a White Paper, which will reflect the goals and objectives of issuing digital currencies, as well as details of the operation of the technology on the basis of which the assets operate.
As conceived by the MEP, his proposals should increase the transparency of the crypto market. In addition, McManus believes that government agencies are obliged to study how the extraction of a particular digital currency can affect the environment. This must be done before crypto startups start operating in a particular country.
ECB analysts discuss the future of cryptocurrencies
Experts from the European Central Bank have published a report that assesses the international role of the euro and digital currencies. Analysts noted that the issuance of their own crypto assets by regulators makes real sense to maintain the leading role of regulators in the financial markets.
If central banks refuse the idea of issuing digital currencies, this will become a threat to regulators in the economies of various countries. After all, large IT companies plan to launch their assets, which will then control them.
“Аttention should be paid to the risks to stability that might arise if a central bank does not offer a digital currency. One concern could be a situation in which domestic and cross-border payments are dominated by non-domestic providers, including foreign tech giants potentially offering artificial currencies in the future”, economists Massimo Ferrari and Arnaud Mel write.