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The Federal Association of German Banks has called for stricter regulation of digital currencies. “On the one hand, in order not to continue to be objects of speculation with great risks for investors and on the other hand, because currencies do not belong in private hands, but under state control,” said the Chief executive of the banking association, Andreas Krautscheid according to a preliminary report.
“Large international platforms are advancing more and more into areas such as payment transactions and are using their enormous data power there,” explained the head of the banking association. It is therefore overdue to bring about European regulation that ensures fair competition and data protection secure. Together with a consortium, Facebook initially planned the crypto currency Libra, but recently renamed it Diem.
The Center for European Politics (cep) warns against too much regulation. “The EU wants a lot of leeway to reject politically undesirable stablecoin projects. Too much from our point of view. The EU should not overreact with fear.
Readjustment has to be made here, otherwise the innovative strength of the sector could be damaged, ”said cep financial market expert Philipp Eckhardt of the Funke Group. Stablecoins – crypto currencies that are linked to real currencies such as the dollar or the euro, offer opportunities, especially in developing countries.
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