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5位欧盟财长对稳定币威胁表示担忧

2020-9-15 11:37

 

2020年9月14日,德国、法国、意大利、西班牙和荷兰财长发表关于稳定蛋白的联合声明。该声明是在欧盟将于本月晚些时候发布的数字金融战略之前发布的。在去年12月开始的协商期之后,预计将涵盖支付所用的加密资产和密码库。


在回应该声明时,欧洲委员会副总裁Valdis Dombrovskis注意到部长们的关切。东布罗夫斯基说:“请放心,我们的立法提案将全面解决这些担忧。但他接着说:“加密资产提供了很多机会,我们希望监管创新,而不是监管创新。”


联合声明强调了加强“欧洲影响力和巩固其在支付领域的经济自主权”的框架的重要性。“最重要的是,一个稳定的监管框架必须优先考虑维护货币主权和保护欧盟消费者。”一如既往,任何计划都应遵守GDPR私隐立法和反洗钱/反恐融资(AML/CTF)的要求。


“如果私人活动的风险因此失去控制,这可能会损害金融市场的稳定。在这种情况下,我们认为必须(禁止stablecoin),”德国财长奥拉夫•肖尔茨(Olaf Scholz)在声明发布会上表示。他接着说:“私人部门仅仅发行货币——在我们的支持下,这是不会发生的。”


联合声明强调五项一般性原则。最相关的两个被留到最后。一是货币可以随时兑换成资产支持的法定货币。有些马厩不允许这样。而且运营实体必须设在欧盟。


最后一点正值欧盟准备决定是否发行中央银行数字货币(CBDC)的关键时刻。该声明强调,“在法律、监管和监督方面的挑战和风险得到充分识别和解决之前,不应在欧盟启动全球资产支持的加密资产安排。”“通过在开始任何活动之前在欧盟注册稳定的公司,欧盟保持监管监督,让他们控制授权时间。这意味着stablecoins公司可能会受到影响,这取决于欧盟何时决定发布CBDCs。


另外三个要求是,每个稳定货币必须以1:1的比率与法定货币作后盾。任何有资格获得储备的资产,必须仅限于存放在欧盟批准的信贷机构的存款,或在受到适当保障的高流动性资产中占有一定比例。这些资产必须以欧元或欧盟成员国的货币计价。外汇储备必须隔离,不可兑换,以避免汇兑风险。

通向稳定的道路是清晰的


欧盟研究稳定蛋白的风险和好处已经有一段时间了。2019年10月,七国集团(G7)发布了一份关于稳定蛋白的工作组报告,首次概述了Facebook天秤座揭幕后可能带来的系统性风险。今年5月,欧洲央行发表了一篇关于全球稳定蛋白的论文,重点讨论了稳定蛋白可能给金融稳定带来的潜在重大风险。例如,如果一个广泛使用的马厩发生了挤兑。


在上周的德意志银行虚拟会议上,欧洲央行总统的克里斯汀·拉加德发表了关于央行数字货币(CBDC)的演讲。在同一事件中,法国央行行长弗朗索瓦·维尔罗伊·德·加尔豪(Francois Villeroy de Galhau)发表了支持数字欧元的有力讲话。

 

On 14 September 2020, a joint statement on stablecoins was released by the ministers of finance for Germany, France, Italy, Spain, and the Netherlands. The announcement comes ahead of the EU’s Digital Finance Strategy to be released later this month. It’s expected to cover crypto assets and stablecoins used for payments, following the consultation period, which started last December

In response to the statement, European Commission EVP Valdis Dombrovskis noted the concerns of the ministers. “Rest assured that our legislative proposals will address those concerns comprehensively,” said Dombrovskis. But he continued: “Crypto assets provide many opportunities, and we want to regulate innovation in, not out.”

The joint statement stresses the importance of the framework to strengthen “Europe’s influence and consolidating its economic autonomy in the field of payments.” Above all, a stablecoin regulatory framework must prioritize preserving monetary sovereignty and protecting EU consumers. As always, any plans should adhere to GDPR privacy legislation and anti-money laundering/counter-terrorism financing (AML/CTF) requirements.

“If the risks of private activities get out of hand as a result, this could impair the stability of the financial markets. In this case, we think there would have to be a ban (on stablecoins),” said Olaf Scholz, German Finance Minister at the unveiling of the statement. He continued: “The private sector simply issuing currencies – that will not happen with our support.”

The joint statement stresses five general principles. The two most relevant were left to last. One is the ability for the currency to be redeemable at all times into the asset-backed legal tender. Some stablecoins don’t allow this. And the operating entity has to be based in the EU.

This last point comes at a crucial time as the EU makes preparations for deciding on whether to release a central bank digital currency (CBDC). The statement stresses that “no global asset-backed crypto-asset arrangement should begin operation the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and addressed.” By having stablecoin firms be registered in the EU before starting any activity, the EU retains regulatory oversight, giving them control over authorization timing. This means stablecoins firms may be impacted depending on when the EU decides to issue CBDCs. 

The other three requirements are that each stablecoin must be backed at a ratio of 1:1 with fiat currency. Any assets eligible for the reserve must be limited to deposits in EU-approved credit institutions or a proportion in highly liquid assets that are subject to appropriate safeguards. These assets must be denominated in the Euro or the currency of an EU member state. The reserves must be segregated and be non-convertible to avoid exchange risk. 

The road to stablecoin clarity

The EU has been researching the risks and benefits of stablecoins for some time now. In October 2019, the G7 released a Working Group Report on Stablecoins for the first time outlining the potential for systemic risk following Facebook’s Libra unveiling. In May this year, the ECB published a paper on global stablecoins, with a focus on the potentially significant risks to financial stability that stablecoins may present. For example, if there was a run on a stablecoin that was in widespread use. 

At the Deutsche Bundesbank virtual conference last week, the President of the European Central Bank (ECB) Christine Lagarde gave a speech that covered Central Bank Digital Currencies (CBDC). At the same event, the Governor of the Banque de France François Villeroy de Galhau gave a forceful talk in favor of the digital euro.

 

来自: Ledger Insights