The European Central Bank's (ECB) Governing Council recently made the latest announcement on crypto assets after a long absence of significant comment. The ECB in its latest update has approved a new electronic payments framework that will involve crypto assets, crypto ‘stablecoin’ and digital payment tokens.
In one of the press releases by the ECB earlier today (Malaysian time) stated that the framework issued by the ECB is motivated by better electronic payment instruments enshrined under several schemes and arrangements. At the same time it also aims to enable the transfer of e-money, payment cards, digital payment tokens and other aspects of the electronic payments sector.
Meanwhile, the newly approved PISA Framework after public consultation, also has cryptocurrency asset payments under scrutiny. In the passage states that;
"The PISA framework will also cover asset -related services, such as the acceptance of crypto assets by merchants in card payment schemes and the option to send, receive or pay with crypto assets via electronic wallets."
According to Fabio Panetta, a member of the ECB’s executive board, the change is necessary, given the exponential growth of the retail payments ecosystem. The ECB administration added ,:
“The PISA framework will include digital payment tokens such as stablecoin, in addition to traditional payment instruments and schemes. Internationally coordinated actions also need to be stepped up to meet the challenges posed by global digital payment solutions and stablecoin. ”
Companies that have been under Eurosystem’s supervision, until November 15, 2022 are required to comply with the new PISA framework. Meanwhile, other companies that just got the notice have a period of 1 year to make preparations.
This carries an indication that the ECB is starting to take a serious look at monitoring stablecoin.
