Romania drafts emergency order to regulate "electronic money"

On Thursday, July 5, a local news source reported that the Romanian Ministry of Finance had drafted an emergency ordinance to regulate electronic forms of money. The project places the supervision of the issuance of electronic money in the hands of the Romanian National Bank and limits the types of organizations that have the legal authority to issue electronic currency.

Business Review reported that according to the project, electronic currencies will only be legally operational if issued by credit institutions, the European Central Bank and the central banks of the EU Member States (provided that They do not act as monetary authorities in another capacity) and the governments of the EU Member States. The time to buy the dip

The project requires a three-month application period

According to the project, institutions wishing to launch an electronic money must submit an application to the Romanian National Bank a period of three months. During the review, the Bank will ensure that the organization has developed appropriate management structures and effective procedures for identifying risks.

The project sets a minimum of 350,000 euros on the amount of capital needed to launch an electronic money. He also said that organizations with electronic currency development projects must first have their legal and tax records checked and verified. In addition, the Romanian National Bank must approve each member of the issuing organization individually.

According to Business Review, the Ordinance also provided a legal definition of currency electronic as "monetary value stored electronically, including magnetic, representing a claim on the issuer issued upon receipt of funds to make payment transactions and accepted by a person other than the e-money issuer still do not know when the project will be adopted

The first Romanian Blockchain NGO was created in March

Compared to many other EU countries, Romania has been rather slow to respond to for regulation blockchain and cryptocurrency industries

Still, the blockchain industry in Romania has advanced.The Romanian Association of Blockchain, a non-profit organization The government created to provide Romanian citizens with the necessary tools to ensure the safe use of crypto-currencies and blockchain technologies, debuted at the end of March this year.

Andrei Stanica, the president of the organization, said earlier this year that "our organization aims to provide an umbrella to support the common interests of those who are actively involved in this area … We want to unify ad hoc groups and create a strong coalition, which will be the interface in direct communication with the government, parliament, the central bank and the financial supervisory authority. "