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This statement is logical and not unexpected. Stable coins are mainly used to support their activities in the national currencies of states, which means that their circulation should be subject to regulation. In principle, states will and should regulate everything that can influence the global financial system.
General rules should streamline the use of stablecoins and reduce the potential for abuse.
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European Ministers Call on EU Commission to Regulate Stablecoins
Finance ministers from five European countries have called on the EU Commission to issue regulation for stablecoins as well as sanctions for providers that break the rules.
Ministers from Germany, France, Italy, Spain, and the Netherlands told the Commission that stablecoins regulation was needed to protect consumers and preserve the bloc's monetary sovereignty from Big Tech firms, according to Reuters.
In a joint statement at the Bundesbank Conference Friday, ministers said private stablecoin providers needed to adhere to European regulation and should not be allowed to operate in the bloc if they fall below a certain standard.
