ECB Calls for Urgent Regulation of Stablecoins and Defi, Won’t Rule Out Bitcoin Mining Ban – Regulation Bitcoin News
— Financial, Defi, Urgent, Rule, Wont, Crypto, Regulation, Calls, Mining, European — 1 min read
ECB calls for “appropriate” regulation and oversight of stablecoins and decentralized finance (defi) Stablecoins and Defi platforms must be regulated, ECB says. ECB suggests a ban on proof-of-work mining is probable. ECB urges for a coordinated approach on the international level and common standards to identify and fill the regulatory gaps. Ban on proof of work mining is also likely, the European Central Bank's report says. The report also addresses the hot topic of Bitcoin’s carbon footprint in Europe, suggesting a hands-off approach by public authorities is possible, it is highly unlikely, and policy action by authorities (e.g. disclosure requirements, carbon tax on crypto transactions or holdings) is probable, the authors think. Source