The European Union will introduce the crypto asset system by 2024
The European Union will introduce the crypto asset system by 2024

Two EU documents show that within four years, the European Union will introduce new rules for making cross-border payments through the use of technological (blockchain) and crypto resources (such as hard coins).

If 78% of the eurozone's liquidity is cash, the European Commission will articulate its strategy to encourage greater use of digital finance. It also generally wants to move quickly to "instant payments" as the end of the pandemic shows the increasing role of cashless payments.

These documents state the following: EU leaders will propose a bill to clarify how the existing rules for crypto assets will be applied and to develop new rules if there are loopholes.

The documents say: "By 2024, the European Union should create a comprehensive framework for the financial sector to accommodate distributed ledger technologies and crypto assets." "It must also address the risks associated with these technologies," she added.

A stablecoin - a cryptocurrency that is usually backed by traditional assets - entered the agenda of policymakers when Facebook announced a cryptocurrency plan called Libra last year. The central bank is currently studying the possibility of issuing its own currency.

These documents confirm that Brussels also wants to boost data sharing in the financial sector in order to boost competition and provide more services, while respecting the principle of "the same risks and the same rules and regulations".

She added that corporate groups must formulate the rules within four years so that new clients can quickly access financial services once they take action against money laundering and verify their identity. Completed.

These documents state: “By 2024, the Passport and Universal License principles must apply to all areas with high digital financial potential.” Payment systems are expected to be the "new normal" by the end of 2021.

These documents also show that, in addition to traditional transfers, instant payments are also suitable for a variety of purposes, particularly real-time or online purchases, which are currently dominated by payment card systems.

Europe has long sought alternatives to "homemade" products such as MasterCard and Visa, two American payment companies that are widely used in the region.

The committee assesses the impact of the fees paid on the spot to consumers and may request that they not be higher than traditional bank transfer fees.

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