CEMAEP has published a draft report on virtual currencies and distributed ledger technology. The document contains a proposal to create a task force for solution of problems related to cryptocurrencies and technologies they are based on.
The report was written by a German representative Jakob von Weizsäcker. The document suggests that the task force will have its own budget and will be comprised of permanent employees and technical experts. Their tasks will include researching digital currencies and writing corresponding regulative recommendations.
The report also calls for strengthening regulation of cryptocurrency exchanges and wallet providers.
At the same time, it is noted that potentially distributed ledger technology “can have a favourable influence on customers’ welfare and economic growth”. In that context, the document stresses the need to avoid excessively heavy regulation.
The Committee is expected to vote for adoption of recommendations found in the report this April, and in May the document can be forwarded to the EP for approval.
Earlier the initiative of tightening reporting standards for cryptocurrency exchanges and bitcoin wallets providers was put forward by the European Commission. The organization believes that it will help “eliminate anonymity, with which such platforms are associated”.
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