European Parliament Report Proposes Task Force on Digital Currencies
A new European Parliament draft report on digital currencies calls for the creation of a task force specifically devoted to the technology. The report, penned by European Parliament member (MEP) Jakob von Weizsäcker of the Committee on Economic and Monetary Affairs, seeks the establishment of a task force, with its own budget and dedicated staff, that would study digital currencies and provide policy advice to the European Union and member-states. Further, the report calls for tightening regulation of both exchanges and wallet service providers – something the European Commission, the....
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The European Parliament, the legislative branch of the European Union, has approved a proposal for a task force dedicated to digital currencies and blockchain technology. A report drafted by European Parliament member (MEP) Jakob von Weizsäcker first began circulating in late February. It called for measured exploration of the technology by the European Commission, the executive branch of the EU, but stopped short of recommending more than closer monitoring. The report also urged EU leaders to address any risks related to money laundering and terrorism financing. In the months since, the....
A member of the European Parliament is proposing that €1m ($1.1m) be spent on a task force that would focus on studying digital currencies and blockchain technology. The push for funding comes months after the legislative arm of the European Union (EU) first approved the task force, proposed by MEP Jakob von Weizsäcker earlier this year. Legislative records indicate that von Weisäcker is now asking for financial support for the measure. In notes, he said that support should be approved in order to position the European Commission – the economic bloc's executive branch – at the forefront of....
The European Union is moving closer to establishing a dedicated task force focused on digital currencies. Late last month, the EU Parliament passed its latest budget proposal, which includes language for a working group dedicated to the technology, its uses and risks. An aide for von Weizsäcker’s office told CoinDesk that the task force was included in the passed budget, but that now it is subject to future debate and approval between the parliament and the European Commission, the EU’s executive branch. “Nothing is finalised yet,” the aide added. The task force was first proposed by....
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....
The European Parliament’s Committee on Economic and Monetary Affairs (ECON) issued a motion for a European Parliament resolution on virtual currencies that covers numerous regulatory proposals. The motion summarizes the risks and opportunities of distributed ledger technology (DLT) and virtual currencies. It notes that both have the potential to benefit consumer welfare and economic development by lowering transaction costs for transfer of funds and payments below 1%, compared to 2% to 4% for traditional online payment systems and more than 7% for cross-border remittance transfers. The....