Elrond Network, which recently bought payments gateway Utrust, would not disclose financial terms of the agreement, but the blockchain’s CEO, Beniamin Mincu, referred to it as a “landmark decision” by a European central bank.
Mincu said in an interview:
“This shows that central banks may be switching from a counterpoint to the crypto space, toward a more neutral or even potentially favorable point,”
A spokesman from the National Bank of Romania verified through email that Elrond had gained clearance to get an e-money license.
Electronic money, or e-money, is a general term describing an electronic store of monetary value that is used to make payments to organizations other than the e-money issuer. It’s been established for over a decade as a standardized mode of payment, incorporated in European Union regulations and controlled by central banks.
Elrond will be able to conduct e-money services across the European Union, Iceland, Liechtenstein, and Norway under EU passport laws.
According to Mincu, the EU Commission’s proposed Markets in Crypto-Assets Regulation (MiCA) states that regulated e-money institutions would be authorized to create stablecoins.
Mincu said:
“We’ve been having focused conversations with the Romanian Central Bank about acquiring an e-money licensed institution that enables us to create stablecoins, for instance, in a legal and compliant way,”
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