European Parliament releases draft European digital currency regulation

Rage Review : The report was written by members of the Economic and Monetary Affairs Committee, which stressed the need to set up a digital currency task force to conduct digital currency research and provide policy advice to the EU and member states. Despite calls for increased regulation of digital currency activities, the report believes that this technology has the potential to promote economic development and improve consumer interests. The Economic and Monetary Affairs Committee will vote on the content of the report in April, and if it is passed, it can be submitted to the European Parliament for review as early as May.

Translation: Annie Xu

A new European Parliament draft bill calls for the creation of a digital currency task force.

The report, written by Jakob von Weizsacker, a member of parliament and the Economic and Monetary Affairs Committee, suggests setting up a task force with its own budget and staff to conduct research on digital currencies and provide policy advice to the EU and member states.

After following the WeChat account “区块链笔Blockchain”, reply with the keyword “监管稿” to view and download the full text of the report.

The report said that exchanges and wallet service companies should be more regulated. The European Commission and its executive arm are discussing the proposal. Meanwhile, the European Council is also considering a digital currency regulatory plan.

Jakob von Weizsacker made the report following a hearing in late January, where members of parliament discussed bitcoin and blockchain technology in the context of terrorism financing and money laundering.

Despite calling for greater regulation of digital currency activities, the report argues that the technology has the potential to advance economic development and improve consumer benefits. Its content echoes Weizsacker's remarks at a hearing in January, which argued that excessive regulation should be avoided.

European Parliament Commissioner for Economic and Monetary Affairs : Jakob von Weizsacker

Jakob von Weizsacker says:

The European Parliament called for appropriate regulatory rules to prevent technological innovation from being stifled in the cradle, while taking the potential policy risks of digital currencies and distributed ledger technologies seriously.

At the same time, the report seeks to gain approval for the proposal for “swift and vigorous regulatory action”:

“But this regulatory policy based on precise analysis and trade-offs should not be confused with lenient regulation. Swift and strong regulatory measures should be part of the government’s tools and should be able to prevent the expansion of potential risks in a timely manner.”

The Economic and Monetary Affairs Committee will vote on the report in April and, if passed, it could be submitted to the European Parliament for review as early as May.