EU will not regulate virtual currency yet

Jan

26

2016

The European Union is a virtual currency so far only monitor and regulate not because too little is known at present about virtual currencies to money laundering as new rules on specific risks warrant. This is the outcome of a hearing held Monday.

Virtual Currencies Public Hearing EU EC Also mentions a spokesman virtual currency at present ‘hyping’ and must be realized according to him there are currently only about 600 virtual currency. Of those 600 virtual currency bitcoin takes some 90 percent are in a market where approximately $ 7 billion in deals. Trading in foreign currency covers regular daily about 5 trillion.

After the terrorist attacks in Paris last November, policymakers wanted to make sure that virtual currency is not used to finance terrorism. Although the European Commission has the power to impose rules for the whole union, the head of the department staff and budget of the EC Olivier Salles against the commission of Economic and Monetary Union of the issues at the hearing said that she would rather focus on controlling virtual currency than imposing new rules. According to him, it is easy to make mistakes if there is regulated. Salles says they want to know better what exactly is going on. Although money laundering via virtual currency is monitored, there is no hurry with the regulation of virtual currency.

Economist Sean Ennis from the OECD says that the EU must learn from the UK because there with fewer lines around the issue of peer-to-peer lending, the FinTech sector grows much faster than in the rest of Europe. Ennis also cites a paper recently published IMF to about virtual currency which states that control must be in line with risk and innovation should not stand in the way.

In addition, the majority of bitcoin transactions performed by only twenty, so many ‘normal’ money going around in the industry says technology consultant Jeremy Millar. Businesses and activities to be that way already regulated to regulate the technology itself it is no longer needed quickly, Miller said during the hearing.

Hearing on EU economic and monetary affairs Source: European parliament live stream. Start hearing virtual currency from 9:50

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