The European Parliament has voted inwards a non-binding resolution today which approved a proposal for a taskforce looking into virtual currencies similar bitcoin together with blockchain technology.
A proposal from belatedly February, which sought to shape a bitcoin- together with blockchain-centric taskforce overseen yesteryear the European Commission, the executive arm of the European Union, was approved yesteryear the European Parliament inwards a bulk vote today.
The telephone band for a describe forcefulness is to study the engineering to empathise the risks together with opportunities of virtual currencies (VC) together with distributed ledger, or blockchain engineering (DLT).
The vote to institute a describe forcefulness comes shortly afterward the concluding study set forth yesteryear the European Parliament’s Committee on Economic together with Monetary Affairs (ECON), before this month. In it, the ECON recommends that the European Union Commission consider revising European Union payment laws, on the reason of its assessment of virtual currencies together with blockchain technology.
With law-altering potential inherent amongst bitcoin together with blockchain every bit innovations, the master proposal warned against a heavy-handed approach to the technology. A press release by the European Parliament, the legislative branch of the European Union, underlines the same notion, noting that the proposal for a describe forcefulness underlines the pregnant opportunities inwards consumer together with economical development. The master proposal was drafted yesteryear Jakob von Weizsäcker, a European Parliament & ECON member. In a contestation today, he added:
To avoid stifling innovation, nosotros favour precautionary monitoring rather than pre-emptive regulation. But information technology innovations tin spread rattling apace together with expire systemic. That’s why nosotros telephone band on the Commission to institute a taskforce to actively monitor how the engineering evolves together with to brand timely proposals for specific rule if, together with when, the demand arises.
Furthermore, the Commission is likewise deliberating proposals to ameliorate the Anti-Money Laundering Directive, inwards social club to convey virtual currency exchanges nether its purview. Such a move, if enforced, will effectively kill the anonymity of bitcoin transactions through exchanges.
The proposal for the taskforce was passed yesteryear 541 votes to 51, amongst eleven members abstaining. Following the vote, European Commission volition forthwith consider the proposal.
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