European countries such as Germany, France, Italy, Spain and the Netherlands have taken action for cryptocurrency regulations. According to Reuters, these five countries announced that they have approved the crypto money bill prepared by the European Commission.
We shared a last-minute news yesterday and mentioned that the European Commission is preparing a new bill for cryptocurrencies. Germany, France, Italy, Spain and the Netherlands five announced today that they support the bill by making a statement regarding the bill.
Support From Five European Giants
According to Reuters, these five countries want to restrict the use of cryptocurrencies that we call stablecoins, which are fixed to a certain asset. Germany, France, Italy, Spain and the Netherlands; He wants the use of fixedcoins across the continent to be banned pending legal definitions and regulations.
These European countries do not want cryptocurrency projects to damage financial stability within the continent. In the joint announcement published by these five countries, it is mentioned that the fixedcoin projects in question may adversely affect the monetary policies and this risk should be eliminated.
The European countries in question also want each fixedcoin project to be fixed at a one-to-one ratio to one fiat currency. The important thing here is; the condition that the nominal currency in question is either the euro or another currency used within the EU. Germany, France, Italy, Spain and the Netherlands; He does not want a currency that is not within the European Union’s powers to be used within the borders of Europe.
Warning From France
The Bank of France, the central bank of France, issued a clear warning today against the use of fixedcoin. Bank of France President François Villeroy de Galhau warned European countries against hardcoins at the Bundesbank conference attended today.
Villeroy de Galhau said that private companies in Europe can develop their “financial infrastructure”. Here, President of Bank of France, pointing especially to big technology companies (such as Facebook); He emphasized that Europe should keep control. The President of the Bank of France thinks that Europe’s financial sovereignty could be damaged if appropriate action is not taken.
Villeroy de Galhau, who also shared a note about digital central bank coins at this point, emphasized that Europe “does not have the luxury of falling behind its competitors” in CBDC. With this statement, the head of the central bank of France encouraged Europe to work on the digital euro. Here is an excerpt from the French central bank’s speech:
“As the European Central Bank, we can decide to develop our own digital money. Let me make this clear; We cannot stay behind on digital central bank money. We can develop a digital currency to be used for retail purposes to increase the financial participation of our people. This digital currency can be particularly useful in countries with declining cash usage. “