Blockchain, News & Updates

EU 2024: Blockchain-Tech will be used for Cross-Border Payments

By 2024, Europe aims to present new rules to make cross-border payments quicker and more affordable through Blockchain in hopes that it might improve possible added value in the sector by EUR 27 Billion to EUR 55 Billion

The EU administrator will provide a draft law to define how current rules apply to cryptoassets and set out new regimes where there are gaps, Reuters stated, referring to two unspecified EU documents, without explaining when it might be done.

The Union also needs to make it more comfortable to share data within the financial sector to encourage competition and a more comprehensive range of services, while upholding the principle of “same risk, same rules, same regulation,” the report added.

The City of Brussels in Belgium also intends to have new rules to allow new customers to start practicing financial services quickly once anti-money laundering and identity checks have been completed, it said.

Meantime, a separate statement by the European Parliamentary Research Service (EPRS) claims that a series of legislative proposals might strengthen the digital operational resilience of the EU financial sector entities, including their information and communications technology (ICT) security streamlining and upgrading existing rules and offering requirements.

The EPRS report said.

“Potential added value in the sector would increase by EUR 55bn compared with the baseline scenario. A more prudent scenario indicates a lower bound estimate for the increase of the added value of EUR 27 Billion,”

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