Germany, France, Italy, Spain, and the Netherlands called on the European Commission to draw up strict regulation for asset-backed cryptocurrencies—such as stablecoins—to protect consumers and preserve state sovereignty in monetary policy, Reuters reported.
The finance ministers of the aforesaid five European Union member states said in a joint statement on Friday that stablecoins should not be allowed to operate in the 27-member bloc until legal, regulatory, and oversight challenges had been addressed.
“We all agree that it’s our task to keep financial market stable and to ensure that what is a task for states remains a task for states,” German Finance Minister Olaf Scholz told reporters during a joint statement with his counterparts.
