05/12/2019 (Agence Europe) – On Thursday 5 December, the European Finance Ministers adopted a declaration by the Council of the EU and the European Commission on stablecoins. The adopted text (see EUROPE 12375/25) does not contain any substantive difference compared to the version presented at the Ecofin Council on 8 November (see EUROPE 12365/4). It indicates that no global cryptocurrency could operate in the EU until legal, regulatory and prudential challenges and risks have been identified and adequately addressed. During the meeting, the Executive Vice-President, Valdis Dombrovskis, assured that Facebook’s Libra fell within the scope of the Commission’s work on the subject (see EUROPE 12316/9). He also confirmed that the Commission intended to propose a legislative framework on cryptocurrency. See the adopted text: https://bit.ly/388MRgw (MF)