The European Commission (EC) is considering introducing severe restrictions on the large-scale use of stablecoins instead of fiat money, CoinDesk has reported.
According to sources, European Commission officials share the view of EU finance ministers, who have previously shown strong opposition to the issuance of the stablecoin Libra due to concerns about the status of the euro.
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Among other things, it has been proposed to prohibit issuers from making an additional issuance if the number of transactions with their instruments exceeds 1 million per day. The requirement may be extended to stablecoins with a capitalization of more than €200 million.
According to the proposals made by European Commission officials:
"The thresholds for monitoring and limiting ARTs widely used as a means of payment could be further discussed at political level."