Speaking at a session focused on virtual currencies, it has emerged that the European Commission (EC) currently is just focused on monitoring and understanding the potential applications of virtual currencies and importantly not interested in adding new regulation to the mix. The hearing comes as concerns were raised that terrorists including those in Paris in November 2015 used Bitcoin to help transfer funds. However according various police organizations there is no evidence of Bitcoin being used.
Talking at the session about the impact of virtual currencies, European Commission staffer, Olivier Salles,
“One of the big challenges is not how fast and how far to regulate, but how to correctly monitor this fast evolving technology.”
While Bitcoin has disappeared from the news, it’s clear that regulators and the industry alike are still looking to understand the potential applications of virtual currencies and while no immediate regulation is planned, authorities should begin considering a regulatory framework in order to ensure that virtual currencies and their potential is maximized.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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