ECB President Insists Foreign Stablecoin Providers Adhere to EU Regulations

Christine Lagarde, President of the European Central Bank, stated that overseas companies issuing digital stablecoins must fully comply with the regulations and standards set forth by the European Union. Lagarde emphasized the importance of ensuring consumer protection and maintaining financial stability within the Eurozone. Speaking before a parliamentary committee, she noted that stablecoins, particularly those aiming for widespread adoption, could pose significant challenges to the traditional financial system. She stressed that the ECB is closely monitoring developments in the digital currency market and is prepared to take necessary measures to protect the European economy from any potential risks. Lagarde also pointed out that international cooperation is crucial in regulating this sector, calling for coordinated efforts among various regulatory bodies worldwide to ensure a comprehensive and effective framework for digital currency regulation.