Reuters: EU will introduce new regulations on blockchain and encrypted assets by 2024 to improve cross-border payments

According to Reuters, two EU documents show that by 2024, the EU will introduce a new system to make cross-border payments faster and cheaper through the use of blockchain and encrypted assets (such as stable coins). With 78% of payments in the Eurozone being cash, the European Commission will formulate a strategy to encourage more use of digital finance. It also hopes to quickly switch to “instant” payment methods, because the wide-ranging closure measures during the epidemic indicate that there is no cash. The role of payment is growing. The document pointed out that the European Commission will submit a draft law to clarify how existing rules apply to encrypted assets, and formulate new rules where there are loopholes, and “By 2024, the EU should establish a comprehensive framework to enable financial The field can adopt distributed ledger technology (DLT) and encrypted assets, and at the same time, it should also address the risks associated with these technologies.”