On 6 November 2019, the Council of the EU released a note (13571/19) from its Presidency addressed to it, which annexes a joint statement of the Council and the European Commission (Commission) on stablecoins.

In particular, the joint statement provides that “the Council and the Commission state that no global stablecoin arrangement should begin operation in the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and addressed.”