ECB wants final say on the legal status of private stablecoins in the EU

The European Central Bank has demanded veto power from lawmakers in the European Union over private stablecoin projects like Diem. The European Central Bank has finally sent its formal opinion on crypto regulations to the European Commission. According to Reuters, the ECB has asked EU lawmakers for veto powers concerning private stablecoin projects like the Facebook-backed Diem. An excerpt from the ECB opinion document reads: “Where an asset-reference arrangement is tantamount to a payment system or scheme, the assessment of the potential threat to the conduct of monetary policy, and to the smooth operation of payment systems, should fall within the exclusive competence of the ECB.” As part of the demand for veto powers on stablecoins, the ECB has urged the EU to ensure that its ruling should be binding on all national authorities in the Euro Zone.

Beginner's Guide: POFID-DAO, a Production Tool for Private Stablecoins

The text below is an advertorial article that was not written by Cryptonews.com journalists. Foreword In 2019, DeFi became one of the most talked about topics in the field of blockchain and, based on this concept, decentralized stablecoins have come to occupy half of the DeFi field.

Russian central bank opposes ruble-pegged stablecoins

Russia wants to follow China’s approach of banning private stablecoins pegged to its national fiat currency. Senior officials at the Bank of Russia have come out against the issuance of private stablecoins pegged to the Russian ruble. Sergei Shvetsov, a first deputy governor of the Russian central bank, said that the bank aims to ban private firms from offering stablecoins backed by the country’s fiat currency.  Russian crypto developers will only be able to use the Bank of Russia’s digital ruble, Shvetsov said.

European Central Bank Prez Blasts Bitcoin, Praises Digital Euro Efforts

Bitcoin and private stablecoins come with a whole host of risks, said the president of the European Central Bank in a new article.

UK drafting stablecoin regulations and researching a CBDC

The United Kingdom has announced forthcoming regulatory proposals for stablecoins and ongoing research into CBDC.