There has been an ongoing investigation into Bitcoin and the cryptocurrency industry as a whole undertaken by the European Parliament’s Committee on Economic and Monetary Affairs, whose final report on the subject has just been released. While there are some points that will generate a mixed response, overall the report is extremely positive, outlining ways in which the technology could be used to enhance user experience and lower transaction costs within the EU itself. Both Bitcoin specifically and the blockchain technology that drives it came in for praise, signifying a healthy view of digital currency by the law makers within the EU.
Read the full story below.
The European Parliament’s Committee on Economic and Monetary Affairs has being giving a series of reports regarding digital currencies in general and the distributed ledger technology blockchain that is their foundation. In its most recent, and final report on the subject, the committee has spoken about the possibilities the technology offers for revising existing EU payment laws to offer a more efficient and secure solution.
Notably, the report called for digital currency exchanges to be included within the Anti-Money Laundering Directive legislation that covers the entirety of the EU, something that adds security and legitimacy, but for some users may prove unpopular as it removes any anonymity from the process.
However, while that recommendation is obviously going to receive mixed responses, other aspects of the report offer nothing but encouragement. It goes on to recommend a revision of current EU legislation to allow the member states to take full advantage of the opportunities the new technology, both blockchain and cryptocurrencies in general and Bitcoin specifically, offers. It highlights the possibility of enhancing competition, lowering transaction costs and increased interoperability that Bitcoin offers. Additionally, the report suggests that the EU should consider the promotion of a universal, non-proprietary electronic wallet driven by blockchain technology.
This encouraging endorsement of the technology by the Committee on Economic and Monetary Affairs shows how far the industry has progressed in recent years. With the platform stable and offering unique opportunities that the research has realized is beneficial to the entirety of the EU, it puts to rest the notion that digital currency technology is a dead end. Indeed, the interest shown by the EU suggests the exact opposite. As more law makers look to the cryptocurrency industry as a viable alternative, it will become easier to attract new users through increased credibility.