ECB to issue eurozone warning over crypto regulation – FT

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ECB to issue eurozone warning over crypto regulation – FT

The European Central Bank (ECB) is expected to issue a strong warning to eurozone countries around the pressing need to harmonise regulation across the crypto industry, the FT reports.

ECB’s regulatory challenge

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The European Central Bank is to be given ultimate supervisory authority over the eurozone’s banks as the next crucial stage of integrating the single currency area’s financial system. Lex’s Vincent Boland and Nikki Tait discuss how the ECB will meet the challenge of taking the region’s 6,000 under its wing by 2014.

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ECB president calls for crypto regulation in response to Russia potentially evading sanctions

Speaking to reporters at an informal meeting of economics and finance ministers on Friday, Lagarde said the European Central Bank would be “decisively and rigorously” implementing the sanctions on Russia imposed by European lawmakers in response to the country’s invasion of Ukraine. In response to a question on Russia potentially using crypto to evade some of these measures, the ECB president urged action on an existing proposal for a regulatory framework on digital assets.

“Whenever there is a ban or prohibition or a mechanism in place to boycott or prohibit, there are always criminal ways that will try to circumvent the prohibition or the ban,” said Lagarde. “It’s so critically important that MiCA is pushed through as quickly as possible so we have a regulatory framework within which crypto assets can actually be caught.”

The MiCA, or Markets in Crypto Assets, proposed creating “a regulatory framework for the crypto-assets market that supports innovation and draws on the potential of crypto-assets in a way that preserves financial stability and protects investors.” First introduced to the European Commission in September 2020 and adopted by the European Council in November 2021, the proposal was scheduled for a vote to be implemented by the European Parliament on Monday.

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European Central Bank announces ‘E-Euro’: Should Bitcoin worry? | DW News

The European Central Bank is announcing plans for the ‘E-Euro.’ A new digital currency. Proponents say it’ll strengthen Europe’s digital and monetary sovereignty and keep the Eurozone competitive.
A digital Euro would have the same value as analogue cash or the money in our bank accounts.
It would be issued by the ECB, or national central banks, to private persons and companies.
E-Euro deposits would probably be capped at a value of around 3000 euros. That’s to ease fears the digital coin could make the ECB a competitor to banks.
But a survey by Germany’s central bank says most consumers here reject a digital Euro. 56 percent of households saying it would add no additional incentive over current payment methods. And they are worried about the new Euro’s security.


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