The European Union (EU) is set to introduce a new legal framework for governing digital currency assets by 2024, in a bid to provide greater comfort for financial institutions in embracing distributed ledger technology.
According to recently published documents, the new rules will aim to make it both quicker and cheaper to facilitate cross-border payments, with the help of blockchain technology and digital assets such as stablecoins.
The documents come as the European Commission prepares to set out its aims to move increasingly towards digital payments and finance, despite 78% of payments across the bloc still transacting in cash.
The EU will bring forward draft laws to specify how existing rules apply to digital currency and blockchain, as well as fresh legislation to cover any gaps left by current provisions.
Continue read: https://coingeek.com/european-union-set-for-digital-currency-asset-law-by-2024/