Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Romanian Central Bank Approves Elrond Acquisition of EMI Institution Twispay

Cryptocurrency Mar 10, 2022 01:00PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Romanian Central Bank Approves Elrond Acquisition of EMI Institution Twispay

Elrond Network, the company that is developing internet-scale blockchain technology for onboarding the next billion people into the new global economy, today announced that the National Bank of Romania has approved the acquisition by Elrond Network of Capital Financial Services S.A., that operates under the Twispay brand. Twispay is a financial institution licensed to provide payment services and to issue electronic money in accordance with the legislation in force and with the authorization received from the National Bank of Romania. Moreover, Twispay is a principal member of Visa (NYSE:V) (for issuing Visa cards) and of MasterCard (for issuing and acquiring MasterCard cards).

Electronic money or e-money has been designed as a digital alternative to cash for automating financial transactions in areas such as payments and ecommerce. Elrond seeks to enhance the utility of this proven and regulated value transfer framework and take it to its natural conclusion by complementing it with a blockchain technology that is fast, scalable and inexpensive.

Elrond made a strategic first move to establish itself as a bridge between traditional finance and the crypto space when it went public with its intention to acquire Twispay, institution that can operate within the entire EEA (European Union, Iceland, Liechtenstein and Norway) under the passporting rules.

Since the announcement in October 2021, the two parties have engaged in conversations with the National Bank of Romania, supported by financial and tax consultancy from Deloitte and legal assistance from Reff & Associates | Deloitte Legal. After several rounds of constructive discussions and a conclusion about blockchain technology’s important role in the evolution of finance, the National Bank of Romania has officially decided in favor of Elrond acquiring Twispay.

“This landmark decision from the Romanian Central Bank opens the door for EU citizens, and soon for everyone everywhere, to significantly benefit from value flowing with near-instant settlement times, at 100x fewer costs, with full transparency, and higher reliability.” said Beniamin Mincu, Elrond Network.

The decision comes at a time when the EU Parliament is seeking to limit the use of energy intensive Proof of Work blockchain networks due to their climate impact. Elrond is maintaining its “carbon-negative” status by offsetting more CO2 than its already energy efficient network is accountable for.

Besides the entitlement to issue electronic money, under the European framework, the e-money institutions are also entitled to provide payments services under the second Payment Services Directive (PSD2). Moreover, the EU Commission’s proposed European Regulation on Markets in Crypto-assets stipulates that licensed e-money institutions will be entitled to issue stablecoins which can be offered to the public in the Union or admitted to trading on a trading platform for crypto-assets. The proposal regulation of crypto-assets and the related activities is closely linked with wider Commission policies on blockchain technology, since crypto-assets (including stablecoins), as the main application of blockchain technologies, are inextricably linked to the promotion of blockchain technology throughout Europe.

This puts Elrond in a strategic position to offer a sustainable infrastructure for a completely new payment rails that is faster, cheaper, transparent, and open to people all around the world. Other important use cases that will be explored within the applicable regulatory framework may include new stablecoins, crypto enabled debit cards, as well as benefits of DeFi, NFTs and other Web3 technologies that will enhance trust and efficiency for existing financial systems.


Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Romanian Central Bank Approves Elrond Acquisition of EMI Institution Twispay

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email