Recently the European Parliament held a conference on cryptocurrency regulatory issues. The participants agreed that it is important not to overdo it with the state intervention in this area.
Within the Conference the Committee on the Internal Market and Consumer Protection presented the report on the situation in cryptocurrency sector. The author of the document, Ulrike Trebesius reported that today there is little information on the illegal use of virtual money. In her view, users should have right to choose financial tools they trust. The expert stressed that the basis of every successful cryptocurrency is transparency of its provider, security of technology and assets.
One of the proponents of digital currency, a delegate from Lithuania Antanas Guoga, faulted opponents of innovation for the lack of the pith of the matter understanding. He suggested his colleagues to try to use Bitcoin wallet and see into the matter personally.
According to Antanas Guoga virtual money operations are instantaneous, secure and easier to be monitored compared to cash flow. There is no evidence that Bitcoin is used for financing of terrorism and criminal money laundering. Moreover, its benefits for people and economy are obvious.
“Blockchain technology moves the world forward”, he stressed. The MP warned his colleagues against attempts to over-regulate the sector and create unnecessary barriers to its development. He just recommended to monitor the process and create a special group of experts (or expand some of the existing ones) for this purpose.
Conference participants supported this point of view and recorded it in the resolution. It will be soon discussed within a meeting of the Committee on Economic and Monetary Policy of the European Union.
