Europe and stable currencies, the beginning of crazy love? – Nobody is supposed to be ignored mica (Markets in crypto assets), a plan responsible for framing the use of cryptocurrencies approved at the beginning of last October. At least with a few exceptions. In fact, it is hard to resist the temptation to use these digital currencies called stablecoins. So why are you waiting? European market operators will soon be able to enjoy thanks to a completely new pilot scheme. All the details.
Stablecoins, here we come!
In their tank full of newly marked sands, European bankers will be able to try to manipulate an entirely new type of asset. Tokenized financial products. Let’s not play with words, in short, cryptocurrencies. Indeed, A.J Initiative A completely new type approved by the European Commission. This is the experimental scheme DLT (Distributed Ledger Technology). Simply put, it is a transitional regulatory framework that allows some players in the market to use “distributed ledger technologies.” affiliate stablecoinswhat.
This beta will allow them to use stablecoins for interbank exchanges and settlements without waiting for the implementation of MiCA. Scheme implementation At best for 2024. So it has to be said a lot of waiting for a highly coveted new game. Instant international transfers at a lower cost, it’s hard for a banker to resist.
Both traditional and digital finance players will be able to experience these new types of exchanges within a range structured environment. this is, From March 2023 For a period of 3 years, renewable once. It will also provide insight into the use of distributed ledger technologies within financial markets for future mainstreaming.
The sandbox status of cryptocurrency in European finance
Thus, participants in the DLT pilot project will be exempt from very certain parts of the Financial Services Regulations. This concerns in particular Markets in Financial Instruments Directive (MiFID) and the Central Securities Depository Regulation (CSDR).
Newcomers to the financial markets, who are not authorized by MiFID and CSDR, will be able to apply for a DLT project. oldest bank in the united states, BNY Mellonwas particularly interested.
it’s done. Cryptocurrencies, or at least their stablecoins, are now making their way into the highest echelons of European finance. Good or bad, time will tell. But the practical application of the blockchain in interbank exchanges has been known for a long time. It is indeed time for Europe to consider this issue. Small downside Despite the enthusiasm, it’s quite surprising for the EU that it doesn’t have it yet A stable currency in the euro worthy of the name. The euro stablecoin currently issued by Circle, an American company….
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