The Governing Council of the ECB has approved a new electronic payment supervision framework that includes crypto transfers and digital payment tokens, including electronic wallets. The ECB reports in a release that the PISA framework will also cover services related to cryptoassets. Such as the acceptance of crypto assets by merchants in card payment and the option to send, receive or pay with crypto assets through an electronic wallet.
Fabio Panetta (ECB) ensures that the digital euro does not compete with private payment services
According to Fabio Panetta, Member of the Executive Board of the ECB, the retail payments ecosystem is evolving rapidly due to innovation and technological change. This requires a forward-looking approach in monitoring digital payment solutions.
The ECB, crypto assets and PISA
The PISA framework will include digital payment tokens, such as stablecoins, Panetta said. The ECB official also indicated that internationally coordinated action will also have to be intensified to address the challenges posed by global digital payment solutions and stablecoins.
Governor Bank of Spain considers digital euro a device for financial stability
The PISA framework complements the upcoming EU regulations on crypto assets (including stablecoins). As well as international standards for global stablecoins. The Eurosystem also aims to cooperate with other authorities.
Visa Introduces Universal Payment Channel for CBDC and Stablecoins
November 15, 2022
The ECB indicates that companies already subject to Eurosystem supervision are expected to adhere to the new framework by 15 November 2022. Other companies will have a grace period of one year. From the moment they are notified that they will be subject to supervision under the new structure.