Stable coins

The European Council and the Commission published a joint statement about so-called "stablecoins". These present opportunities in terms of cheap and fast payments, especially cross-border payments. At the same time, these arrangements pose multifaceted challenges and risks related for example to consumer protection, privacy, taxation, cyber security and operational resilience, money laundering, terrorism financing, market integrity, governance and legal certainty. Both state, that the risks raised by "stablecoin" arrangements should be subject to clear and proportionate regulatory and oversight frameworks, established on a sound evidence base and based on general principles and applicable to all "stablecoin" arrangements. Therefore the Council and the Commission are willing to act swiftly, in cooperation with the ECB and with national and European Supervisory Authorities.

The full statement can be found here.