50,000 Europeans Call for Looser EU Rules on Crypto Rewards

More than 50,000 Europeans have asked the European Commission for looser rules on rewards for stablecoins. The advocacy group Stand With Crypto EU states that users want more opportunities to receive benefits when using these cryptocurrencies. This call comes as Europe reconsiders its crypto regulations, while European central banks seek to expand the existing interest ban. Stand With Crypto EU reports that over 50,000 people have sent a letter to the European Commission and that a separate petition has gathered more than 126,000 signatures. The European consultation on crypto regulations closed on September 30. The campaign focuses on stablecoins, which aim to maintain a fixed value, such as 1 dollar or 1 euro. The organization advocates for more room for rewards, such as discounts and lower transaction fees, to make the use of stablecoins more attractive. The European crypto law MiCA prohibits interest on stablecoins linked to an official currency. However, this ban does not automatically mean that every discount on a payment is prohibited. Stand With Crypto EU calls for a revision of MiCA to allow for more rewards. However, the European Central Bank and national central banks advocate for the maintenance and expansion of the interest ban to prevent companies from circumventing the prohibition.

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