Romania unveils draft law related to cryptocurrencies

Romania has drafted an emergency ordinance for electronic funds including cryptocurrencies.

A bill on electronic currencies

The bill stipulates that any legal entity wishing to launch a cryptocurrency must have a capital of 350,000 euros, or at least $ 409,000 . As for the members of the company wanting to launch an electronic money, they are subject to the approval of the Romanian National Bank (BNR).The virtual currency is described as an “electronically stored monetary value, representing a claim on the issuer, issued upon receipt of funds to make payment transactions and accepted by a person other than the issuer of the electronic money. “

The BNR will be able to give its approval once the “formal framework for the management of the e-money creation activity has been carefully designed”.

However, this framework should include a well-defined, transparent and consistent structure and lines of accountability, effective risk management processes and adequate internal controls to legally design a form of electronic money.

Annual audit reports are also required. Cryptocurrency companies are required to submit their accounts to the BNR, which will assume the role of supervisory body.

A crime punishable by imprisonment

In case of non-compliance with the established regulations – the unauthorized launch of cryptocurrency for example – is punishable by imprisonment for six months to three years and a fine.

Virtual currency “is a challenge for the banking system because the field is not very well regulated and I think that should happen. This is an area where a lot of money is flowing, but it’s also a new technology, “ says Ilan Laufer, the country’s Minister of the Environment, Business, Trade and Entrepreneurship.

What do you think of the bill on the issue of electronic money in Romania? Let us know in the comments section below.

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