Romania Releases Draft Bill Regulating the Issuance of Digital Currency

To be approved by the BNR, entities should develop a formal framework to manage the carefully designed e-money issuance activity.

The authorization will reportedly be valid for 12 months from the date of issue, and cancelled if an entity does not start issuance of e-money within this period.

Upon commencement of issuance activity, companies will reportedly be obliged to provide annual audit reports and submit the accounts to the BNR, which will also act as the oversight body.

Unauthorized issuance of e-money is reportedly considered a crime, and is punishable by imprisonment from 6 months to 3 years or by fine.

"It's a challenge for the banking system because this area isn't very well regulated and I believe that this should happen. It's an area in which lots of money circulates, but it is also a new technology."