|Jul 06, 2018 02:00 PM||By: Ben Noble | 5138 Views|
In the plan, electronic money is explained as “monetary value stored electronically, including magnetic, representing a claim on the issuer issued on receipt of funds for the purpose of performing payment transactions and which is accepted by a person other than the issuer of electronic money.”
Further to the point, the document declares that any legal financial entity regarding to issue digital currencies must have its members officially adopted by the BNR (Romanian National Bank). Another condition is that the items in question must have a shared asset of no less than $409,000.
The draft also says the specific categories of institutions likely to issue digital money. These include loan institutions, electron money institutions, the European Central Bank, and the national central banks. The report also declares that the National Bank of Romania will be the one accountable for supervising the issuing of electronic assets by assigning the necessary authorizations.
To get the authorizations from the BNR, the associated entities should develop a legal framework. The dossier review period for the granting of the support is three months. According to the plan, the authorization will be accurate for 12 months from the date of circulation.
In Romania, the radiation of digital money without permission from the BNR is considered a crime and is guilty with six months to three years in jail. Lastly, the plan covers the conditions and situations when BNR can switch the authorizations granted to a provider of electronic payment.
These are as develops: the issuer of e-money does not carry out the action within the country’s borders, the permission was taken based on false information, the institution is no longer able of performing the agreed-upon conditions.
With this latest turn of stories, Romania joins the ranks of other European countries that have already put down the groundwork for controlling the issuance of cryptocurrencies.