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The Association of German Banks calls for stricter regulation of digital currencies

Thursday 25 February 2021 13:44 CET | News

The Association of German Banks has issued a statement encouraging stricter regulation on the use of digital currencies.

 

The chief executive of the association, Andreas Krautscheid, warns of international platforms with enormous data power that are increasingly penetrating the payment transaction field. Krautschied has stated that a European regulation should be brought about that ensures fair competition and data protection. According to the WirtschaftsWoche, he affirmed that currencies do not belong in the hands of private individuals but under state control. 

Alternatively, WirtschaftsWoche cites the Center for European Policy (CEP) – a  think tank and forum for debate on EU affairs –, whose officials believe stricter regulation could be taking it too far. CEP representatives stated that the EU wants the freedom to reject politically undesirable stablecoin projects, which are believed to damage the innovative strength of the sector.

The Association of German Banks is the association of private banks in Germany and the main lobby group for Germany's financial sector.


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Keywords: cryptocurrency, online banking, blockchain
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Germany
This article is part of category

Blockchain & Cryptocurrencies






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