BTC
$104,995.89
-
1.29%
ETH
$2,628.36
+
0.11%
USDT
$0.9999
-
0.04%
XRP
$2.2318
-
2.45%
BNB
$667.71
+
0.29%
SOL
$155.80
-
3.20%
USDC
$0.9993
-
0.02%
DOGE
$0.1907
-
3.43%
TRX
$0.2738
+
0.70%
ADA
$0.6756
-
2.49%
HYPE
$36.21
-
2.25%
SUI
$3.2310
-
2.70%
LINK
$13.97
-
2.76%
AVAX
$20.84
-
3.48%
XLM
$0.2686
-
2.78%
LEO
$8.9349
+
1.62%
BCH
$408.14
+
0.44%
TON
$3.1701
-
1.50%
SHIB
$0.0₄1300
-
1.85%
HBAR
$0.1689
-
3.53%
Logo
  • News
  • Prices
  • Data
  • Indices
  • Research
  • Events
  • Sponsored
  • Sign In
  • Sign Up
Markets
Share this article
X iconX (Twitter)LinkedInFacebookEmail

European Union to Regulate Stablecoins, Not Issue Its Own: Source

Contrary to earlier reports, a source tells CoinDesk the EU isn't looking to issue its own digital currency in response to Libra.

By Nikhilesh De
Updated Sep 13, 2021, 11:40 a.m. Published Nov 6, 2019, 7:00 p.m.
shutterstock_1548936650

UPDATE (Nov. 7, 2019, 16:55 UTC): The draft declaration, published online Wednesday evening, does not include any recommendations that the EU issue its own stablecoin. However, the document does leave the door open for the ECB and other central banks to "assess the costs and benefits of central bank digital currencies."The European Union is taking a closer look at how to regulate stablecoins, but has no plans to issue one of its own.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

A group within the EU presidency is working on a draft political declaration regarding the regulation of stablecoins, an individual familiar with the matter told CoinDesk. First reported by Reuters, the declaration will say the EU should regulate stablecoins in particular. However, the source pushed back on claims that the declaration would urge the EU to create a cryptocurrency of its own.

"This is a rather short declaration that is about the EU position on how to handle those new types of cryptocurrencies," the source told CoinDesk. "The focus is on how those cryptocurrencies should be regulated."

The declaration is being developed in response to Libra, the global stablecoin project introduced by Facebook in June. Despite regulatory qualms about the stablecoin, Libra has so far proceeded, with its governing council formally signing onto the project last month.

The declaration does not specifically recommend that the EU should develop its own cryptocurrency in response to Libra, however. CoinDesk's source explained that developing its own cryptocurrency is one possible option for the EU that the declaration says "should be explored."

Pushing back on the Reuters report, the source said, "There's absolutely no commitment at this stage to put in place a new cryptocurrency," adding:

"The statement is to highlight the need for a proper regulatory framework for those stablecoins and as a consequence, different ideas should be explored. One of them is the possibility of having something that is managed by the ECB [European Central Bank] and other central banks."

The source clarified that they could not speak to what the final version of the declaration would look like.The statement will be finalized by Friday, Nov. 8 and presented to EU finance ministers. The declaration is expected to be adopted by the EU on Dec. 5, at the finance ministers' next meeting, the source said.

EU flag image via Shutterstock

FacebookECBLibraEUNewsStablecoins
Nikhilesh De

Nikhilesh De is CoinDesk's managing editor for global policy and regulation, covering regulators, lawmakers and institutions. He owns < $50 in BTC and < $20 in ETH. He won a Gerald Loeb award in the beat reporting category as part of CoinDesk's blockbuster FTX coverage in 2023, and was named the Association of Cryptocurrency Journalists and Researchers' Journalist of the Year in 2020.

X icon
Nikhilesh De
Latest Crypto News
Article image

Bitcoin Whales Seem to Be Calling a Top as BTC Price Consolidates

May 29, 2025

Bitcoin (BTC) price on May 19 (CoinDesk)

Bitcoin Climbs to $105K; Crypto ETF Issuer Sees 35% Upside

May 29, 2025

Breaking News

Breaking New test

May 29, 2025

FastNews (CoinDesk)

Fast News test

May 29, 2025

Article image

Ethereum Surges 4% on Massive Volume as Institutional Interest Grows.

May 27, 2025

Article image

test research article

May 22, 2025

Top Stories
Gold (Credit: Shutterstock)

Gold Continues Correcting and That Might Be Good for Bitcoin

May 1, 2025

President Donald Trump (TheDigitalArtist/Pixabay)

Bitcoin Poised to Top Record as Trump Inauguration Nears, Major Coins Due for 10% Swings: Traders

Jan 16, 2025

Crypto veteran Hunter Merghart has been hired by hedge fund giant Millennium Management. (Pixabay)

Crypto Exchange Luno's Co-Founder Departed in December

Jan 19, 2023

Tokyo, Japan (Jaison Lin/Unsplash)

Metaplanet Buys Another 1,004 Bitcoin, Lifts Holdings to Over $800M Worth of BTC

May 19, 2025

Article image

Bitcoin Whales Seem to Be Calling a Top as BTC Price Consolidates

May 29, 2025

(CJ/Unsplash)

XRP Futures Start Trading on CME

May 19, 2025

Only 1 article remaining this month.

Sign up for free

About

  • About Us
  • Masthead
  • Careers
  • CoinDesk News
  • Crypto API Documentation

Contact

  • Contact Us
  • Accessibility
  • Advertise
  • Sitemap
  • System Status
DISCLOSURE & POLICES
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
EthicsPrivacyTerms of UseCookie SettingsDo Not Sell My Info

© 2025 CoinDesk, Inc.
X icon
Sign Up
  • News
    Back to menu
    News
    • Markets
    • Finance
    • Tech
    • Policy
    • Focus
  • Prices
    Back to menu
    Prices
    • Data
      Back to menu
      Data
      • Trade Data
      • Derivatives
      • Order Book Data
      • On-Chain Data
      • API
      • Research & Insights
      • Data Catalogue
      • AI & Machine Learning
    • Indices
      Back to menu
      Indices
      • Multi-Asset Indices
      • Reference Rates
      • Strategies and Services
      • API
      • Insights & Announcements
      • Documentation & Governance
    • Research
      Back to menu
      Research
      • Events
        Back to menu
        Events
        • Consensus Hong Kong
        • Consensus 2026
        • CoinDesk: Policy & Regulation
      • Sponsored
        Back to menu
        Sponsored
        • Thought Leadership
        • Press Releases
        • CoinW
        • MEXC
        • Phemex
        • Advertise
      • Videos
        Back to menu
        Videos
        • CoinDesk Daily
        • Shorts
        • Editor's Picks
      • Podcasts
        Back to menu
        Podcasts
        • CoinDesk Podcast Network
        • Markets Daily
        • Gen C
        • Unchained with Laura Shin
        • The Mining Pod
      • Newsletters
        Back to menu
        Newsletters
        • The Node
        • Crypto Daybook Americas
        • State of Crypto
        • Crypto Long & Short
        • Crypto for Advisors
      • Webinars & Events
        Back to menu
        Webinars & Events
        • Consensus 2025
        • Policy & Regulation Conference
      Select Language
      English enEspañol esFilipino filFrançais frItaliano itPortuguês pt-brРусский ruУкраїнська uk