Spanish fintech firm tests euro-backed stablecoin

In related news from across the Atlantic, U.S. Treasury Secretary Janet Yellen urged American lawmakers to establish regulations for stablecoins. During her testimony at a Feb. 6 House Financial Services Committee meeting she stated: "Applicable rules and regulations should be enforced, and Congress should pass legislation to provide for the regulation of stablecoins and of the spot market for crypto-assets that are not securities," according to a copy of her testimony.

The European Central Bank (ECB), in October last year, expressed that a digital euro would support the shift towards digital payments and online shopping — trends accelerated by the pandemic. The ECB stated on its website: "A digital euro would make people’s lives easier by providing something that does not currently exist: a digital means of payment universally accepted throughout the euro area, for payments in shops, online or from person to person." It further added that like cash, a digital euro would be risk-free, widely accessible, user-friendly and free for basic use. Moreover, the ECB claimed that a digital euro would enhance the sovereignty of the euro and the effectiveness of Europe's economic ecosystem.

Monei is headquartered in Málaga, Spain and specializes in facilitating digital payments, according to the press release. Its solutions can be integrated with Shopify and other e-commerce platforms. Monei's app enables businesses to accept digital payments from customers' mobile phones.