ECB Issues Three Reports in Effort To Pass Biggest Crypto Law in Europe
— Stablecoins, Issues, Crypto, Europe, Effort, Mining, Financial, Pass, Tether, Report — 1 min read
European Central Bank urges countries to act quickly on regulating digital asset space. ECB called on policymakers and member states to pass the Markets in Crypto-Assets (MiCA) law. MiCA is Europe’s first attempt at comprehensive policy around cryptocurrencies, ironed out in late June. Stablecoins threaten financial stability because of their contagion risks, the ECB said. The report also released a report on the environmental impact of cryptocurrencies, specifically when it comes to the carbon emissions related to mining tokens such as bitcoin and ether, which is expected to reduce energy associated with mining by around 99.9%. The ECB also urged policymakers to take an international approach to digital asset regulation, especially as the technology continues to transcend borders, especially. Source