Germany, France, Other Nations Ask European Commission to Draft Strict Policies for Stablecoins

Germany, France, Italy, Spain, and the Netherlands recently asked the European Commission (EC) to draft strict regulatory policies for stablecoins, which are digital assets that are supposed to be backed or pegged 1-to-1 with major fiat currencies like the US dollar or the British pound (GBP).

The governments of these European countries claim that they want to protect consumers while preserving State sovereignty in monetary policy. As covered, Christine Lagarde, President of the European Central Bank (ECB), has noted that State backing is “essential for there to be trust in payments and money.”

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