[2016-05-26] Bitcoin Due to Get a Watchdog, via the European Union

OshiTravin

member

Activity: 114

Merit: 10

Quote from: BellaBitBit on May 26, 2016, 12:34:50 PM

More and more regulation articles are popping up, a few from Japan yesterday too. Regulations can add some legitimacy to Bitcoin but I am at a loss at how they can actually regulate something decentralized. Since exchanges are essentially centralized this may be the only thing that could be regulated and probably should be.

I am at a loss as well. On one hand, I'm happy with them taking Bitcoin more seriously. On the other hand, I don't think their regulations can really do much. As for exchanges, it could be regulated if they exist within the European Union, but worldwide regulation would be tough to impose.

Lethn

legendary

Activity: 1540

Merit: 1000

They can't regulate it, which infuriates politicians, but they can at least make it look like they're regulating it. To be fair though, any companies and so on will be regulated and exchanges who want to sell or buy with the local currency will be able to. They just won't be able to regulate the currency itself and shut people down from using it the same way they have been able to with bank accounts.

BellaBitBit

hero member

Activity: 756

Merit: 500

More and more regulation articles are popping up, a few from Japan yesterday too. Regulations can add some legitimacy to Bitcoin but I am at a loss at how they can actually regulate something decentralized. Since exchanges are essentially centralized this may be the only thing that could be regulated and probably should be.

trinaldao

copper member

Activity: 1218

Merit: 1007

Post your ann & bounty just contact me

The European Parliament has voted in a non-binding resolution today which approved a proposal for a taskforce looking into virtual currencies like bitcoin and blockchain technology.

A proposal from late February, which sought to form a bitcoin- and blockchain-centric taskforce overseen by the European Commission, the executive arm of the European Union, was approved by the European Parliament in a majority vote today.

The call for a task force is to study the technology to understand the risks and opportunities of virtual currencies (VC) and distributed ledger, or blockchain technology (DLT).

The vote to establish a task force comes soon after the final report put forth by the European Parliament’s Committee on Economic and Monetary Affairs (ECON), earlier this month. In it, the ECON recommends that the EU Commission consider revising EU payment laws, on the basis of its assessment of virtual currencies and blockchain technology.

https://www.cryptocoinsnews.com/bitcoin-due-to-get-a-watchdog-via-the-european-union/

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