EU Will Look Into Cryptocurrencies Yet Again as Finance Ministers Meet Next Month

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Symbol of law and justice, physical version of Bitcoin and European Union Flag. Prohibition of cryptocurrencies, regulations, restrictions or security, protection, privacy. Source: shutterstock.com

The EU finance ministers’ meeting next month in Vienna will be watched by the global crypto community with both hope and anxiousness. The 28-member states’ finance ministers will be meeting on Sept. 7 to talk about digital currencies and their implications in the eurozone. They will discuss whether new steps should be taken to regulate the cryptocurrency market and ensure that it is not a threat to the economy.

A Draft Note Reveals Crypto Agenda

A draft note for the meeting was seen by Bloomberg News, who then reported the meeting’s agenda soon after. The note suggests that the EU states will be discussing the possibilities of cryptocurrencies being misused for money laundering, financing of terrorists and tax evasion. They will also talk about the nuances of the lack of transparency in the cryptocurrency sector, where people cannot be identified by their real names.

The Austrian government, which presently holds the EU’s rotating presidency, has not commented on the Bloomberg story yet.

Containing the Bitcoin Mania

While it is frequently called an asset bubble, the Bitcoin mania is nothing short of the fear and greed of speculators shrouded in technical jargons and a technology that most people don’t understand. Around the world, governments have been wary of the blockchain and cryptocurrency network that facilitates cross-border payments without central banks.

Authorities in China have already cracked down on this system. However, Japan is more supportive of this digital economy. Malta, the British Virgin Islands, and some other places have become safe spaces for crypto and blockchain companies to work continuously on their borderless projects.

However, European authorities have warned their investors from falling prey to the volatility of the crypto markets. The EU’s executive arm, the European Commission, has committed itself to monitoring the developments in the crypto sector and collaborating with other industries to regulate the same if needed.

EU Will Look Into Cryptocurrencies Yet Again as Finance Ministers Meet Next Month was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.