Cryptocurrencies are included in the new EU supervision system for electronic payments

The framework involves assessing the efficiency and security of wallets and services associated with virtual assets

23.11.2021 - 13:55

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What’s new? The ECB’s Governing Council has approved a new framework for the supervision of electronic payments. It implies assessing the efficiency and security of wallets and services related to virtual assets.

We have approved a new oversight framework to make electronic payments safer and more efficient. It provides guidance on digital wallets, payments with crypto-assets and traditional payment instruments https://t.co/S8rXDLsbyp pic.twitter.com/uUH89eO0VT— European Central Bank (@ecb) November 22, 2021

What is known about the new system? It will be used to monitor organizations that enable the use of payment cards and credit transfers. They also support the use of direct debit, electronic transfers, and digital payment tokens.

The ECB’s Governing Council member Fabio Panetta stated that the retail payments ecosystem is developing rapidly and requires an innovative approach. He said that institutions subject to Eurosystem regulation will start adhering to the new rules by November 15, 2022.

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