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EU intends to use crypto assets in economic recovery

The European Union intends to make extensive use of crypto assets in its recovery and economic restructuring plan after the crisis caused by the COVID-19 pandemic.

“(Recovery Plan — IF) Next Generation EU gives us the opportunity to move forward as a global player in the digital sphere,” said Executive Deputy Commissioner of the European Commission Valdis Dombrovskis on Saturday at an informal meeting of EU economic and finance ministers in Berlin.

“We want the EU financial sector to make the most of the opportunities offered by digitalization, and we want innovative European market players to hold global leadership positions. European consumers and businesses must also benefit from digital finance while ensuring that risks are properly mitigated,” he said.

Dombrovskis announced that later in September he will present an updated EU Digital Finance Strategy.

“We want to bring EU rules in line with the digital age in order to promote innovation by curbing risks. That's why we will put forward a legislative proposal on crypto-asset markets,” said the deputy chairman of the EC, responsible for finance.

He also added that some ministers at this meeting expressed concern about the risks associated with so-called “stealth coins” that do not comply with current EU rules. He assured that the new legislative proposals will solve these problems. The EU will regulate the risks to financial stability and monetary sovereignty related to the “stealth coins” when they are used for settlements.

The Next Generation EU plan, agreed in July by the leaders of the EU member states, is designed not only to restart the EU's domestic market after the pandemic but also to improve the Union's competitiveness and innovative capabilities and help it implement the “green course”. A financial instrument for post-crisis recovery is being created — a 750 billion euro fund. This money will be borrowed from financial markets and included in the Union's budget, which so far has been filled with almost only contributions from member states.

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