- Officials believe that stablecoins will threaten monetary policy
- New rules to implement MiCA will be developed soon
The European Union is planning impose a ban on large stablecoins if they fear they could disrupt monetary policy. This was announced by the Chairman of the European Banking Authority, referring to the fact that the use of blockchain without permission may be financially untenable.
The Chairman of the EBU, José Manuel Campa, said that new rules will be developed in the near future to implement the Markets in Crypto Assets Regulation (MiCA). He added:
“Central Banks should have the right to impose a ban on the widespread adoption of stablecoins if they affect public policy goals”
MiCA allows central banks to intervene in proposals to issue stablecoins. The bill also requires the cessation of emission if the tokens carry out more than 1 million transactions per day.
Campa also stated that in the future, stablecoins will become relevant as a means of payment. However, he emphasized that tokens must comply with anti-money laundering laws.
In addition, the chairman of the European Banking Authority shared concerns that stablecoins on decentralized blockchains without access rights could be dangerous or untenable.
