EU to integrate cryptoassets into its financial system by 2024

In a new bill, the European Commission plans to outline a strategy for encouraging the use of digital finance through the introduction of blockchain technologies and cryptoassets.

According to Reuters, The EU is concerned that 78% of payments in the euro area are made in cash. Therefore, in the next four years, the European Commission intends to develop and approve a comprehensive management structure that allows the integration of distributed ledger technologies and  cryptoassets into the financial sector, taking into account potential risks.

The new rules should promote the development of instant non-cash payment methods, improve their efficiency, and make cross-border payments faster and cheaper. In parallel, the European Commission will assess the impact of fees on consumers and may establish an upper limit not exceeding the level of fees for ordinary payments by bank cards.

Brussels is also interested in increasing the variety of services and increasing competition, for which it wants to simplify the exchange of data in the financial sector..

EU to integrate cryptoassets into its financial system by 2024

All these changes should help the EU to get rid of its dependence on popular American payment systems such as Visa and MasterCard..

In addition, last week the Vice-President of the European Commission Valdis Dombrovskis said that the issue of strengthening control will also be resolved in future legislation. stablecoin market.

text: Ivan Malichenko, photo: European Commission

EU integrates crypto assets into its financial system by 2024

EU to integrate cryptoassets into its financial system by 2024

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