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European Parliament to take a hands-off approach to blockchain regulation

World News Publishing Focus

World News Publishing Focus
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European Parliament to take a hands-off approach to blockchain regulation

The European Parliament’s vote also urges European Commission to set up a task force to monitor blockchain technology, so that it will be capable of reacting quickly if further regulation becomes necessary. The task force will also examine all new technology linked to virtual currencies.

“To avoid stifling innovation, we favour precautionary monitoring rather than pre-emptive regulation,” said Jakob von Weizsäcker, German MEP, in a press release. However, the pressure for further regulation may be mounting: some worry that the current system is being used to help money laundering and funding terrorist organisations.

The proposal will now be sent to the European Commission for consideration.

Author

Teemu Henriksson's picture

Teemu Henriksson

Date

2016-05-30 11:22

Author information

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