EU Finance Ministers Call for Greater Control of Stablecoins Issuers
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Sept. 14, 2020
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The European Union finance ministers have called for greater control of stablecoins issuers, Reuters has reported.

According to the news outlet, officials from France, Germany, Spain, the Netherlands and Italy made this request during the EU event held this weekend in Berlin.

Specifically, German Finance Minister Olaf Scholz has argued stablecoins should not be able to be used within the bloc unless they comply with the current regulations.

For his part, Bruno Le Maire, the French Finance Minister, has said:

"The central bank, I mean the ECB, is the only one to be allowed to issue a currency. And this point, it’s something that cannot be jeopardized or weakened by any kind of project including the so-called Libra project."

The measures that could restrict the use of stablecoins in the bloc include the creation of a monitoring group composed of "national and European authorities" to supervise crypto-related activities in the European Union.

iHodl reported in June the EU is working on the development of a new crypto regulation. While the EU's current laws define the principles for regulating some aspects of the sector, for example security tokens, others, including stablecoins, remain in a grey area.

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