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Blockchain and its applications, in particular cryptocurrencies, have grabbed the headlines, but many people still do not know how they work. This briefing provides an overview of the uses and challenges of this technology, based on published information. Blockchain originated as part of the enabling digital ledger technology (DLT) developed at the end of the 20th century. DLT works as a digital database containing information (as a record book or ledger) that can be simultaneously used and shared ...

This briefing summarises the conclusions of the ECB’s investigation phase and gives an overview of the recent legislative proposals from the Commission. It also discusses the ECB’s legal opinion, highlighting where the ECB has concerns with the legislative proposals. These concerns chiefly result from perceived intrusions by the legislation into the ECB’s monetary policy competences. Finally, the briefing points out open questions and tentative answers, including on the delineation of competences ...

The EU adopted a comprehensive and innovative regulatory framework on markets in crypto-assets (MiCA) in June 2023 that will regulate crypto-asset markets. The regulation focuses on stablecoins, which are crypto-assets promising a 'stable value' against official currencies or values. The MiCA provides for strict transparency and governance rules, on the one hand, and prudential rules as per other financial institutions, on the other. By covering all aspects of the crypto-assets, MiCA is expected ...

Digital euro package

Briefing 18-09-2023

A digital euro can be understood as central bank money offered in digital form for citizens and businesses to be used for their retail payments. It would be a central bank digital currency (CBDC) –an electronic equivalent to cash, complementing banknotes and coins – and the central motivation to develop a CBDC can be explained by the increasing digitalisation of financial services. Banknotes and coins, currently the only public money, are considered the ultimate anchor of the financial system. However ...

The crypto-asset sector, while still relatively new, has already changed the world of payments and investment forever. The fast-changing, mobile nature of the sector and its growing market prominence poses challenges, however, for tax authorities, which are not always able to track the capital gains made from trading crypto-assets. On 8 December 2022, the European Commission proposed to set up a reporting framework which would require crypto-asset service providers to report transactions made by ...

The crypto-asset sector, while still relatively new, has already changed the world of payments and investment forever. The fast-changing and volatile nature of the sector and its growing market prominence poses challenges, however, for tax authorities, which are not always able to track the gains made from the trading of crypto-assets. The Commission's proposal to revise the directive on administrative cooperation in the field of taxation ('DAC8') seeks to set up a reporting framework that would ...

In this in-depth analysis, we summarise and explain the directions that the ECB has in mind for the digital euro, based on the ECB’s progress reports and statements. This substantially revised analysis reflects now also the fourth progress report and selected elements of the Commission’s proposals of 28 June 2023. We also highlight further questions that may deserve the legislators’ attention when they discuss the recent European Commission proposal. The analysis also entails a summary of the external ...

This study assesses the ECB’s first three progress reports on the digital euro from a legal perspective. It looks into what key design choices proposed by the ECB reveal in terms of the legal qualification of the digital euro and discusses legal aspects of the infrastructure supporting it.

This study analyses the need to adopt further EU financial regulation on decentralized finance after the implementation of the Markets in Crypto Asset Regulation and the revision of the Transfer of Funds Regulation, with a special view on crypto lending, crypto staking, crypto custody, the use of non-formal information, NFTs and sustainability. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and ...

The study argues in favour of the introduction of a digital euro because of its benefits for the public’s store of value and cashless payment options. It questions the assumption that caps on digital euro holdings would be necessary in the interest of financial stability and favours an approach that allows everyone unlimited access to digital euros.