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The EU will introduce an encrypted digital currency asset system by 2024 - Naijatechnews

The EU will introduce an encrypted digital currency asset system by 2024

Naija Tech News (NTN) on 19, and in content, The EU will introduce an encrypted digital currency asset system by 2024, asset, digital currency, encrypted, EU .

On September 19, according to foreign media reports, two EU documents show that the EU will introduce new rules within four years. Through the use of blockchain and encrypted digital currency assets such as “Stablecoin”, International payments are faster and cheaper.

Currently, 78% of payment transactions in the Eurozone use cash. The European Commission, the executive body of the European Union, will develop strategies to encourage greater use of digital finance. The European Commission also hopes to quickly switch to general “instant” payments, as the social blockade caused by the new crown virus pandemic has highlighted the growing importance of cashless payment services.

The two EU documents stated that EU officials will propose a draft law to revise how existing rules apply to encrypted digital currency assets and formulate new rules where there is a gap.

“By 2024, the EU should establish a comprehensive framework to enable the financial sector to adopt’distributed ledger technology’ (DLT) and encrypted digital currency assets.” The EU document stated, “and it should also be able to deal with these technologies. risks of.”

“Stablecoin” is an encrypted digital currency backed by traditional assets. When Facebook disclosed its digital currency Libra plan last year, it was immediately included on the agenda of decision makers. Now, some central banks are studying whether to launch their own digital currency plans.

The document also stated that the EU also hopes that the financial sector can share data more easily to encourage competition and a wider range of services, while adhering to the principle of “same risks, same rules, and same supervision”.

In addition, the EU should also issue regulations within four years to allow new customers to quickly start using digital financial services once anti-money laundering and identity checks are completed.

The document stated that the instant payment system should become the “new normal” by the end of 2021. In addition to traditional credit card transfers, instant payment is also suitable for many other purposes, especially offline and online shopping. At present, such shopping is mainly made by payment cards. Mode dominates.

The EU has long been seeking alternatives to “local growth” to replace Mastercard and Visa. At present, the European Union uses a large number of services provided by US payment companies.

The European Commission will evaluate the impact of the immediate payment of fees charged to consumers, and may require fees not higher than those charged for regular credit transfers.

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