The governing council of the European Central Bank, called ECB has officially agreed the development of the ECB’s electronic payment supervision to support crypto transfers and other digital payment tokens.
ECB issued a release on Monday by the help of the press. Containing that the new diplomacy is segment of a reconditioned Eurosystem electronic payment instruments, schemes and arrangement (PISA) framework by the central bank.
The ECB’s goal is to use the new PISA substructure to observe and control the activities of companies in the electronic payment arena. They are planning to that with a focus on market parts such as e-money transfers, digital payment tokens, and electronic wallets among others.
What was the announcement
“The PISA framework will also cover crypto-asset-related services, such as the acceptance of crypto-assets by merchants within a card payment scheme and the option to send, receive or pay with crypto-assets via an electronic wallet.” This was announcement.
Today’s declaration comes as payment ghouls like Mastercard and Visa are speeding up the multiplication of stablecoin-linked credit and debit cards.
There is a part of Monday’s press release that we want to focus on, and that is: the ECB mentioned that the new diplomacy and plans were in tandem with the future European Union regulations on stablecoins and cryptocurrencies generally.
The ECB also recommend something to companies that already fall under the Eurosystem regulatory area to make sure admission with the new rules by November 15, 2022.