2 years ago
Elrond Network, a furniture 1 blockchain with scalability successful mind, has acquired Romanian payments steadfast Twispay, and with it the support to contented physics wealth by the country’s cardinal bank, the National Bank of Romania.
Elrond, which recently acquired payments gateway Utrust, did not disclose the fiscal details of the acquisition, but the blockchain’s CEO, Beniamin Mincu, called it a “landmark decision” connected the portion of a European cardinal bank.
“This shows that cardinal banks whitethorn beryllium switching from a counterpoint to the crypto space, toward a much neutral oregon adjacent perchance favorable point,” Mincu said successful an interrogation with CoinDesk.
A typical of the National Bank of Romania confirmed via email that Elrond had received support for acquiring a licence for e-money.
Electronic money, oregon e-money, is broadly defined arsenic an physics store of monetary worth utilized for making payments to entities different than the e-money issuer. As a standardized means of payment, it’s been astir for implicit a decade, enshrined successful European Union directives and regulated by cardinal banks.
Under EU passport rules, the licence volition let Elrond to run e-money services crossed the European Union, Iceland, Liechtenstein and Norway.
Interestingly, the EU Commission’s projected Markets successful Crypto-Assets Regulation (MiCA) stipulates that licensed e-money institutions volition beryllium entitled to contented stablecoins, Mincu pointed out.
“We’ve been having focused conversations with the Romanian Central Bank astir acquiring an e-money licensed instauration that enables america to make stablecoins, for instance, successful a ineligible and compliant way,” Mincu said.
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Ian Allison is an award-winning elder newsman astatine CoinDesk. Prior to that, helium covered fintech for the International Business Times successful London and Newsweek online. He holds ETH.
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