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European Union to Delay Regulating blockchain

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European Union to Delay Regulating blockchain

Jakob Von Weizsaecker member of the European Parliament, said that the EU would delay regulating blockchain.  The parliament’s economic affairs committee backed his report on digital currencies such as bitcoin and blockchain, also known as distributed ledger technology.  Regulators and lawmakers are fierce to not restrain innovation and risk losing out in international  race to misuse such financial technology, or fintech.

Blockchain’s supporters say it will upset finance by slashing the cost of payment transactions and settling share trades.  “One reason why regulating now in detail would be difficult is that we don’t know yet what the most important use of blockchain might be,” Von Weizsaecker said.  His report is non-binding but it will help forming possible draft EU legislation subsequently. It asks the European Commission to set up a task force to monitor blockchain.

The task force should create approval for any needed legislation though it should not be oppressive as blockchain can offer symbolic convenience to clients and economic growth, the report said.

 

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