ADAN advocates e-Euro and Euro stablecoin
As a member of ADAN, Re fundia is keen to support its position on the development of an e Euro and a stable coin Euro.
Launched in January 2020, the Association pour le Développement des Actifs Numériques (ADAN) brings together digital asset and blockchain technology professionals in France and Europe.
It currently has 75 members in various activities (markets, custody, payments, management, analysis tools, project and user support and IT security). ADAN aims to promote the development of digital assets in the service of a new economy, a vocation shared by its members.
What is a digital asset?
According to Légifrance, a digital asset is, in financial terms, “an asset consisting of digital data, the ownership or right of use of which is an element of the assets of a natural or legal person”. A digital asset can therefore only be considered as such if it is invested with a right of ownership or use.
For several years now, digital assets have been gaining ground on a global scale, led by the United States, where the largest number of digital assets have been created to date. These assets are the product of individuals or non-state institutions, and are currently little regulated.
In Europe, in order to jump on the bandwagon, the European Central Bank (ECB) has been considering the development of a digital euro. On 13/08/2021, it decided to carry out a study with a view to implementing a digital euro by 2025.
A statement in favor of a digital Euro and eEuro stablecoins
Anxious about the consequences of the choices adopted in issuing a digital euro, ADAN addresses its position on such an issue to the ECB, and also underlines the advantages of a stable euro corner in a position paper entitled “A digital euro for innovation, competitiveness and European sovereignty”
ADAN stresses the importance of the digital euro being :
– Owned and controlled by citizens
– Issued on open blockchain network(s) and compatible with the requirements set by the ECB
– In coexistence with stable coins, since the two are complementary
– Support for the cryptoasset sector with a view to its deployment and the construction of the new monetary, banking and financial system.
Europe’s sovereignty and economic competitiveness could be jeopardized by the expansion of foreign powers (China and the United States in particular) over digital assets.
In this respect, ADAN stresses that if the ECB were to choose not to develop this digital euro, it would at the very least have to support the development of stable Euro coins.
With this in mind, in order to encourage innovation and competition, the regulatory framework should be proportionate and adapted. A regulatory paradigm shift should also be initiated for decentralized stable coins (and finance).
Finally, to facilitate the emergence of a single currency in Europe, interoperability between the various stable coins should be encouraged.