Elrond Network to Acquire e-Money License In Romania Popular blockchain project Elrond Network has been approved by the National Bank of Romania to purchase Twispay payments firm.
By implementing Twispay’s e-money license, Elrond plans to issue stablecoins in the European Union (EU).
- According to the official release that was shared with CryptoPotatoElrond is a company that aims to reinvent the utility electronic money (e-money) and incorporate blockchain technology.
- With Twispay under its hood, Elrond will be able to operate within the entire EEA — European Union, Iceland, Liechtenstein, and Norway — under the passporting rules.
- Twispay was also announced as a principal member for Visa and Mastercard.
- Beniamin Mincu of Elrond Network commented on:
“This landmark decision from the Romanian Central Bank opens the door for EU citizens, and soon for everyone everywhere, to significantly benefit from value flowing with near-instant settlement times, at 100x fewer costs, with full transparency, and higher reliability.”
- The team will be able not only to issue e-money but also to offer payment services under the second Payment Services Directive.
- Under the EU Commission’s proposed European Regulation on Markets in Crypto-assets, the blockchain platform is also entitled to issue stablecoins that can be offered to the public in the EU region in a legal and compliant way.
- Besides new stablecoins, Elrond explained that other important use-cases such as — crypto-enabled debit cards, as well as benefits of decentralized finance (DeFi), non-fungible tokens (NFTs), and other Web 3 technologies, will also be explored within the applicable regulatory framework.
- Elrond announced in October 2013 that it was planning to buy the e-money services. During the same time, Beniamin Mincu, the CEO of Elrond Network, had stated that the team behind the platform was working closely working with regulators to ensure they “operate in a fully compliant manner within the perimeter defined by European law.”