The European Parliament has told lawmakers not to “ban” or “ignore” cryptocurrencies in a new report released this week, forecasting they “will remains with us for a while.”
The report, ‘Virtual currencies and central banks monetary policy: challenges ahead’ commissioned by the Economic and Monetary Affairs Committee, contains a wealth of supportive statements on virtual currencies (‘VCs’).
Its publication diversifies the broad EU standpoint on the technology, which continues to include legal projects to monitor residents’ usage and clamp down on anonymity.
“Thanks to their technological properties, their global transaction networks are relatively safe, transparent, and fast,” the report’s abstract reads, describing VCs as “a contemporary form of private money.”
“This gives them good prospects for further development. However, they remain unlikely to challenge the dominant position of sovereign currencies and central banks, especially those in major currency areas. As with other innovations, virtual currencies pose a challenge to financial regulators, in particular because of their anonymity and trans-border character.”