At @wef discussion ‘Creating a Credible and Trusted Digital Currency’. Cheap and fast payments, financial inclusion. The @EU_Commission is pro-innovation, supports initiatives for a competitive/innovative EU financial sector, such as instant and mobile payments. #WEF20 https://t.co/C6rhqO0y1g 7 atbildes
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Valdis Dombrovskis (2020-01-23 19:19:54) |
At @wef discussion ‘Creating a Credible and Trusted Digital Currency’. Cheap and fast payments, financial inclusion. The @EU_Commission is pro-innovation, supports initiatives for a competitive/innovative EU financial sector, such as instant and mobile payments. #WEF20 https://t.co/C6rhqO0y1g | |
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Valdis Dombrovskis (2020-01-23 19:24:58) |
within Europe, the cost of cross-border payments has fallen a lot over the last two decades. But this is not the case for extra-EU payments - stable crypto-assets may present opportunities here. #WEF20 | |
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Valdis Dombrovskis (2020-01-23 19:26:21) |
Even within Europe, the emergence of "stablecoin" initiatives shows the importance of continuous improvements to payment arrangements. This is to meet market and consumer expectations for convenient, fast, efficient and inexpensive payments. #WEF20 https://t.co/lkZNWhZz4i | |
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Valdis Dombrovskis (2020-01-23 19:32:03) |
Hundreds of crypto-currencies issued since Bitcoin was launched. They are highly volatile and not widely used by consumers. At the invitation of the @EU_Commission, many supervisors issued warnings on virtual assets due to the risks they could pose to consumer protection. #WEF20 https://t.co/hlRJdfU | |
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Valdis Dombrovskis (2020-01-23 19:32:55) |
Risks are multifaceted: consumer protection, money laundering, data privacy, taxation, operational resilience. If these crypto assets reach significant scale, there are extra challenges in terms of financial stability, monetary sovereignty, competition. #WEF20 | |
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Valdis Dombrovskis (2020-01-23 19:35:13) |
We carried out a regulatory mapping exercise of crypto-assets that led to the conclusion that EU legislation would be needed in this area. We welcome the initial work done by central banks on assessing the merits of central bank digital currencies. #WEF20 https://t.co/JVT7LJiBpT | |
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Valdis Dombrovskis (2020-01-23 19:36:03) |
We also welcome the fact that the @ecb and other central banks are engaging with the European payments sector on the role of the private sector in meeting expectations for efficient, fast and inexpensive cross-border payments. #WEF20 | |
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Valdis Dombrovskis (2020-01-23 19:40:03) |
The @EU_Commission intends to propose | |