ADAN advocating for an e-Euro and a stablecoin Euro
As a member of the ADAN, Re fundia wishes to support its position on the development of an e-Euro and a stablecoin Euro.
Launched in January 2020, the Association for the Development of Digital Assets brings together digital asset and blockchain professionals in France and Europe.
ADAN currently has 75 members covering a wide range of activities (digital asset markets, custody, payments, investment management, blockchain analysis tools, support for crypto/blockchain projects, IT security…).
ADAN wishes to promote the development of the crypto-assets’ industry in favour of a new digital economy, a mission shared by all it’s members.
What is a digital asset?
According to Légifrance, a digital asset is, in the financial domain, “an asset constituted by digital data, the ownership or right of use of which is an element of the patrimony of a natural or legal person“. A digital asset can therefore only be considered as such if it is vested with a right of ownership or use.
Digital assets have been growing worldwide for several years, led by the United States, which has the largest number of digital assets created to date. These assets are the product of individuals or private institutions and are, for the moment, less regulated.
In Europe, in order to get on the bandwagon, the European Central Bank (ECB) has led a reflection on the development of a digital euro and has, on 08/13/2021, decided to conduct a study to be able to implement a digital euro by 2025.
A presentation in favor of a digital Euro and eEuro stablecoins
Anxious about the consequences of the choices adopted in the issuance of a digital euro, ADAN addresses its position on such an issuance to the ECB and also underlines the advantages of a stablecoin e-euro in a position paper entitled “A digital euro for innovation, competitiveness and European sovereignty”.
In essence, ADAN argues that it is important that the digital euro issued is:
- owned and controlled by citizens
- Issued on an open blockchain network and compatible with the requirements set by the ECB
- In coexistence with stablecoins, since both are complementary
- A support on the crypto-asset sector for its deployment and the construction of the new monetary, banking and financial system.
Europe’s sovereignty and economic competitiveness could be harmed by the expansion of foreign powers (China and the United States in particular) on digital assets.
In this respect, ADAN stresses that if the ECB were to choose not to develop this digital euro, it should at least support the development of stablecoins.
With that in mind, in order to foster innovation and competition, the regulatory framework should be proportionate and appropriate. A regulatory paradigm shift should also be initiated on decentralized stablecoins (and finance).
Finally, in order to facilitate the emergence of a monetary unity in Europe, interoperability between the different stablecoins should be encouraged.
For more information on the ADAN, visit their website.