REGULATION | European Central Bank Warns EU Against Easing Euro-Stablecoin Rules to Avoid Destabilizing Banking Industry
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The European Central Bank (ECB) has issued a direct warning to the finance ministers of the European Union: the expansion of euro-stablecoins could drain bank deposits and complicate interest-rate policy.The alert came at the Eurogroup meeting in Nicosia on 22 May, where a report by the think tank Bruegel proposed to make the rules more flexible for European issuers.The ECB, however, prefers to tighten them. Bruegel’s paper, which was discussed …
REGULATION | European Central Bank Warns EU Against Easing Euro-Stablecoin Rules to Avoid Destabilizing Banking Industry
The European Central Bank (ECB) has rejected proposals aimed at boosting the euro stablecoin market warning that loosening rules for issuers could threaten financial stability and weaken the central bank’s control over monetary policy, according to people familiar with the discussions. The debate took place during a meeting of European Union finance ministers in Nicosia, Cyprus where policymakers discussed recommendations from Brussels-based thi…
ECB Warns Euro Stablecoin Loosening Could Drain Bank Deposits and Blunt Monetary Policy
The European Central Bank told EU finance ministers that easing rules for euro stablecoins risks pulling deposits out of commercial banks and weakening the ECB's grip on interest rates, pushing back hard on a think-tank proposal to give stablecoin issuers access to central bank funding.
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