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EU lawmakers to postpone from managing blockchain for now

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EU lawmakers to postpone from managing blockchain for now

Recently from the European Parliament, Jakob von Weizsaecker, a German center-left member, said “We don’t want pre-emptive regulation, but we do want precautionary monitoring”. The parliament’s economic affairs committee support his report on virtual currencies like blockchain and bitcoin. Policymakers and Regulators are eager not to restrain innovation and risk losing out in a global race to use like fintech or financial technology.  Blockchain’s proponents said it will damage finance by reducing the cost of payment, settling stock trades and negotiations.  Von Weizsaecker said. “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”.  His report is non-binding but it will assist to form probable draft EU legislation later on. It inquires the European Commission to organize a task force to observe blockchain. The report said the task force should make suggestions for any essential legislation though it should not be tactless as blockchain can provide notable opportunities to economic growth and consumer. A member of the U.S. Commodity Futures Trading Commission Christopher Giancarlo, said that regulators should “do no harm” and allow blockchain to flourish. Britain’s Financial Conduct Authority will enable testing of financial technology innovations on customers from May in a controlled environment or sandbox before acknowledging new rules. But the global electronic messaging system SWIFT, said that blockchain was not full–fledged to complete the requirements of the financial community, though others notice it as only a matter of time.

Wall Street veteran and head of a blockchain start-up, Blythe Masters said “some of the technology considered new-fangled, untested or unproven today, including distributed ledger technology, will become mainstream within the next ten years,” Blythe Masters added. Skepticism over regulation was interrupting the progress of blockchain .A consultant at Charles Russell Speechlys Vincent Mercer said there was a important risk that regulators will bothered blockchain’s potential by regulating too rapid and without coordination. It was experimenting with blockchain, and the Bank of England is also studying at what it means for upgrading its own payments system The European Central Bank said BoE executive director for payments Andrew Hauser said the authorities had to keep in touch with blockchain. Hauser joked “Central banks can’t afford to be Ubered,” pertaining to the ride-hailing app quivering up the taxi sector.

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