USDC issuer Circle is working with the Central Bank of Ireland to promote the benefits of blockchain for enhanced consumer protection.
The Circle’s Response to the Central Bank of Ireland
The Central Bank of Ireland discussion paper The Consumer Rights Code review examines consumer protection issues such as the availability and choice of financial instruments, businesses acting in the best interest of their buyers, developments and disruptions, digitalization, vulnerabilities, financial literacy, and environmental issues. We are seeking industry feedback on the issue.
On February 14th, the Circle will written advice Learn how public blockchains can be used to enable financial authorities to foster innovation while ensuring the best interests of customers through services such as stablecoins such as USDC and EUROC.
On February 17, Circle, the company behind the USDC stablecoin, also published its response to the Central Bank of Ireland discussion paper on consumer protection.
Stablecoin providers are using blockchain technology for consumer safety, including increased competition, fragmentation of financial services, privacy protection, increased financial literacy through transparency, and the ability for regulators to track on-chain data. We’ve outlined some of the benefits.
Circle announces on its website that its blockchain-based payment system can decentralize proprietary closed-loop data stores amassed by financial service providers and tech giants that could pose a risk to user privacy and security. Did.
Authorities should warn consumers of market fraud or anomalies
Circle provided additional advice on how financial regulators can foster innovation while preserving the interests of their customers.
Authorities will participate in crypto-native activities such as examining on-chain data and valuing digital assets according to their own design with industry advice, taking into account different asset types, activities, risks and incentives. recommended.
The Circle proposed a proactive approach, including rewarding companies and offering innovative financial products, to facilitate communication with authorities prior to formal filing.
Companies working with digital assets can use regulatory sandboxes to collaborate with regulators and oversight bodies to test new methods and technologies.
The strategy could encourage stablecoin issuers to interact with authorities and regulators to ensure that companies that offer financial products act in the best interests of their clients. claimed to have sex.