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The markets in crypto assets (MiCA) proposal intends to adapt to the latest technological trends in the FinTech sector. The briefing analyses the strengths and weaknesses of the impact assessment (IA) accompanying the MiCA and DLT proposals. The IA is quite technical and difficult to read for a non-expert. The policy options were compared against the criteria of effectiveness, efficiency and coherence, but not against proportionality, which is required by the better regulation guidelines. The preferred ...

Sales in the EU still predominantly take place offline – in bricks and mortar shops – and purchases are still predominantly made with cash. However, thanks to the level of convenience they offer, both online shopping and cashless electronic payments are booming and are among the key drivers of the digital transformation taking place in our economy and society. The real-time accessibility of e commerce products and their availability 24 hours a day, together with the ease of making electronic payments ...

Public or Private? The Future of Money

Задълбочен анализ 15-11-2019

Stablecoins issued by large tech companies pose a significant challenge for traditional fiat money. In this study, we highlight the importance of a public-private-cooperation in dealing with this topic, where central banks closely work with stablecoin issuers in issuing synthetic central bank digital currency (sCBDC). This framework minimizes the risks of private money and utilises the technological advantages of stablecoin issuers. This document was provided by Policy Department A at the request ...

The Next Generation of Digital Currencies: In Search of Stability

Задълбочен анализ 15-11-2019

Recent innovations have re-opened the debate on the forms that money will take in the future. This paper discusses two aspects of the debate on the future of money: the implications of the rise of global private stablecoins, and the role that public central bank digital currencies (CBDCs) could play in the future. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs (ECON) Committee.

Advanced economies are moving towards a cashless system, with a recent surge in cryptocurrencies, issued by private entities. Although digital currencies may increase welfare, due to a reduction in transaction costs, they introduce risks to monetary and financial stability. Furthermore, they barely serve as money due to their large volatility. To partly overcome these problems, the issuance of a stablecoin would be an intermediate solution between private and central bank issued digital currency. ...

The Impact of Digitalisation on the Monetary System

Задълбочен анализ 15-11-2019

Against the backdrop of a trend towards a cashless society and the emergence of private electronic monies, the paper discusses properties of digital currencies and implications for currency competition, describes benefits and risks of digitalisation of money for the society, explains the concept and implications of a CBDC, and discusses implications of digital money for monetary policy. The upshot is that the trend towards digitalisation will probably continue, but has to be closely monitored and ...

The Future of Money

Проучване 15-11-2019

Cryptocurrencies, Libra, central bank digital currencies (CBDCs)... What will be the future of money? What are the implications for monetary policy? ECON’s Monetary Expert Panel has produced 4 papers which try to help answer these questions ahead of the Monetary Dialogue on 2 December, the first one with the new ECB President, Ms Christine Lagarde. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

What if Libra disrupted the financial system?

Накратко 13-09-2019

Facebook’s envisaged cryptocurrency project Libra may enable a way of more connected, digital banking. However, it also triggered a debate around the added value of cryptocurrencies. What would change for banks, businesses and consumers with the new digital currency?

Electronic road toll systems

Накратко 06-02-2019

In May 2017, the European Commission adopted a proposal for a directive on the interoperability of electronic road toll systems and facilitating cross-border exchange of information on the failure to pay road fees in the Union, which would be a recast of Directive 2004/52/EC. Following the completion of interinstitutional (trilogue) negotiations, which resulted in a provisional agreement on 20 November 2018, the European Parliament is expected to formally adopt the text during its February plenary ...

On August 31 2018, a Joint Working Group consisting of representatives of the European Central Bank, the European Commission and the European Supervisory Agencies published a document entitled ‘Reflection paper on possible elements of a Roadmap for seamless cooperation between Anti Money Laundering and Prudential Supervisors in the European Union’. The reflection paper straightforwardly calls for additional resources to be made available to the European Banking Authority to counter money laundering ...