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....
Related News
Cryptocurrency is currently a gray area in India. It is neither legal nor illegal. A parliament member, India’s finance secretary, and the minister of finance have recently clarified the legal status of cryptocurrency in India. Legal Status of Crypto in India Following the finance minister’s announcement to tax cryptocurrency income, the question of whether crypto is now legal or legitimate in India has come up repeatedly. Union Minister of State for Finance Bhagwat Karad, a member of Rajya Sabha, India’s upper house of parliament, reportedly explained Saturday that....
According to Bloomberg, Japan’s parliament enacted a legislative framework surrounding stablecoins pegged to the yen or another fiat currency on Friday. This is a historic move. The bill makes it clear that stablecoins are digital money. They must be linked to a legal tender, like the yen, so that people can redeem them for their […]
Russia's central bank sees the digital rubble as the only technological payment option to support. In a fresh episode of the longstanding battle between the Central Bank of Russia (CBR) and the country's Ministry of Finance, representatives of the former have criticized the latter’s idea of supporting the stablecoins, which some private investors have sought to launch in the country. According to local media, an unnamed representative of the central bank dismissed talk of Russia-based stablecoins, started last week by the Ministry of Finance’s director of financial policy department Ivan....
The 39th Governor of California Jerry Brown has officially signed Assembly Bill 129, the measure that sought to grant bitcoin and other digital currencies 'legal money' status, into law, Reuters reports. The news comes just weeks after the approval of the final amended version of the bill earlier this month through key votes in both the California Assembly and Senate. AB-129, which first received approval in the California Assembly earlier this February, sought to update a California law under which alternative forms of value such as rewards points, coupons and digital currencies were....
China may soon have a set of laws offering legal status to Bitcoin and other digital currencies in the country. The laws offering rights to virtual property and data is part of the recently released draft of the People’s Republic of China General Principles of Civil Law. According to reports, the new draft law was created as part of the recent Conference of the NPC Standing Committee. The draft is created keeping the changing global economic landscape in mind. It is said to consider virtual networks, data, and information as properties almost on par with physical and financial assets,....