The Czech Cryptocurrency Association (ČKMA) has publicly expressed its support for the European Citizens’ Initiative “Democratic Safeguards for Digital Money, Public Transparency and Financial Innovation in the European Union”, prepared by the Blockchain Arbitration & Commerce Society (BACS).
It is the first public endorsement of the initiative by a national industry association, and it comes from one of the most active crypto ecosystems in Central Europe.
What ČKMA said
In its statement, ČKMA argues that the rules for digital finance in Europe must protect users and their rights and ensure a transparent and secure environment, while giving technologies and European companies the space to keep innovating. The association highlights the initiative’s four pillars: proportionate regulation based on the actual risk of each service or product; a secure and competitive environment for European stablecoins; clear safeguards for the development of digital money, including privacy, freedom of choice and continued access to cash; and greater transparency in the use of public funds through verifiable technologies.
ČKMA sums up the principle it shares with the initiative in one line: regulation and innovation do not have to be at odds.
What it means for the initiative
The European Citizens’ Initiative is a participatory democracy instrument provided for in the EU Treaties that allows citizens to call on the European Commission to propose legislation. Registering an initiative requires a committee of organisers resident in at least seven Member States; the support of national organisations such as ČKMA is key to building that European network and, later, to the signature-collection phase.
BACS thanks ČKMA for its endorsement and invites other associations, institutions and professionals across the European Union to join this conversation on how the rules for digital money in Europe should be shaped.
BACS is an association registered in the EU Transparency Register (REG 9106897105368-14). BACS operates a Court of Arbitration specialised in digital assets and therefore has an institutional interest in the development of legal infrastructure for the digital economy.
