A regulator who does not want to wait any longer – The European Commission has drawn up a law Project pour accelerate the process of adopting instant payments and euros.
Instant payments in euros: the European Commission takes the lead
During a press conference on October 26, the European Commissioner for Finance, Margaret McGuinnessclarified the draft law which obliges banks in the Member States to offer instant payments and euros to their customers.
This proposal for a regulation, proposed by the European Commission, aims to speed up the launch of this type of payment for euro transactions. According to Mairead McGuinness, without such a provision and leaving “making the market, it may take a decade for instant payments to become the norm”.
Service providers based outside the European Union, but which offer transfers in euros, will benefit from a two more years to comply with these regulations.
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Provisions for the benefit of customers, restrictions for sanctioned persons
According to the bill, instant payments must become a “standard and affordable functionality” and therefore cannot be offered to customers as a premium service.
Their costs may not exceed those of traditional transfers. To avoid an explosion in transaction costs, the European Commission has also provided for a fee cap.
The institution has also proposed provisions, which aim to better protect consumers errors and fraud. Service providers will have to offer a functionality that allows their customers to verify that the name of the recipient of the transfer actually corresponds to the IBAN.
While these measures are all for the benefit of consumers, the commission has also provided for restrictive provisions targeting clientswho are included in the list of persons sanctioned by the European Union.
Service providers are required to check, as soon as an account is opened, whether the holder is not registered on this list. They will have to repeat this check when updating client files.
The bill gives banks and other financial service providersprevent transactions and of freeze fundswhich are held in the accounts of sanctioned persons.
Faced with pressure from stablecoins who are positioned in competitors serious fiat currencieswill European legislators and regulators soon produce a series of provisions in favor of the emergence and adoption of a digital euro?
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