The European Union (EU) is making concrete plans to develop regulations and incorporate crypto and blockchain technology into its mainstream operations by the year 2024.
According to internal documents reported by Reuters, the union sets its sights on developing regulations to promote the use of digital assets and the blockchain for international transactions.
The document also showed that the union moves to create an extensive and embracing framework for the adoption of crypto-assets and distributed ledger technology (DLT) in the financial sector. Meanwhile, it also aims to tackle the risks associated with these technologies.
The European Commission strives to drive more digital payments, considering that a huge percentage of its population (85%) still use fiat currencies. While the union aims to make digital transactions more commonplace, it focuses on improving immediate transaction times.
Also, improving efficiency by increasing the availability of financial activities and data access was reported as part of the commission’s goals.
Covid-19 persistence drives the increased need for digital payment processes globally.
With no signs of the Covid-19 pandemic abating in most parts of the world, developing and embracing digital payment processes has become a global necessity
However, according to finance commissioner Valdis Dombrovski, the European Union would have to develop a conventional process of regulating crypto-assets and the crypto sector.
More so, European ministers request and front new demands for regulations of operations and processes of stablecoins. The ministers made this move in what seems to spring from a need to keep the financial market stability.
Similarly, like the European Commission, regulatory bodies are intensifying crypto-talks, while most countries are pushing towards developing sovereign tokens and central bank digital currencies (CBDC)
This article was first posted on Voice in partnership with cryptowriter.io