ECB integrates stablecoins into the new framework for overseeing electronic paymentsfor global stablecoins.
The latest ECB’s move complements upcoming European Union regulations on crypto assets, including stablecoins, and international standards for global stablecoins.
The ECB’s Governing Council has approved a new oversight framework for electronic payments, with the aim of making the current and future payments ecosystem safer and more efficient.
The Eurosystem oversight framework for electronic payment instruments, schemes and arrangements (PISA) will cover crypto-asset-related services, such as the acceptance of crypto-assets by merchants within a card payment scheme and the option to send, receive or pay with crypto-assets via an electronic wallet. It also complements forthcoming EU regulations on crypto-assets (including stablecoins) and international standards for global stablecoins.
“The retail payments ecosystem is evolving fast owing to innovation and technological change. This calls for a forward-looking approach in overseeing digital payment solutions,” stated ECB Executive Board member Fabio Panetta in a press release. “The PISA framework will include digital payment tokens such as stablecoins, alongside traditional payment instruments and schemes we have gained experience in over the years. Internationally coordinated action will also have to be stepped up to cope with the challenges posed by global digital payment solutions and stablecoins.”
Last June, the Governing Council of the European Central Bank (ECB) launched the investigation phase of a digital euro project.