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The European Central Bank (ECB) has issued a stark warning on the involvement of Big Tech firms in cryptocurrency projects, cautioning that such moves could jeopardise privacy, create further risks to competition and even "endanger monetary sovereignty".
The European Commission is to work alongside the European Central Bank (ECB) in probing a range of 'policy, legal and technical' pitfalls that could emerge as part of plans to introduce a digital euro crypto-currency in mid-2021.
The Commissioner-designate for financial services, Ireland's Mairead McGuinness, promised on Friday (2 October) a “full investigation” into the Wirecard fraud that has thoroughly shaken up Germany, to see why supervision failed.
The European Commission wants financial firms and other companies to share more customer data to create a “broader open finance space" with new services for citizens, according to a draft of the Digital Finance Strategy seen by EURACTIV.
The finance ministers of France, Germany, Italy, the Netherlands and Spain called on the European Commission to include “strong rules” in its upcoming cryptocurrency proposal, in particular for global digital tokens like Facebook’s Libra.
The EU will set up a new college of supervisors, including national and European authorities, to oversee “significant” digital currencies including Facebook’s Libra, according to the European Commission’s cryptocurrency draft proposal seen by EURACTIV.
Christine Lagarde promised on Wednesday (4 September) to respond with “agility” to the looming financial and economic turbulences once she becomes the president of the European Central Bank in November, while confirming that the current loose monetary stance will continue for a “long period of time.”
The Economic and Financial Committee (EFC), which brings together the EU’s member states, has requested an analysis note from the European Commission to further look into the risks posed by Facebook’s controversial digital currency Libra and the ways to regulate it.
European decision-makers and regulators are progressing towards an EU approach for dealing with cryptoassets, digital assets that use cryptography such as Bitcoin and represent a booming market still viewed with concern by financial supervisors.