The European Parliament met in Strasbourg to discuss issues important to the continent. Blockchain is also on the agenda, but parliamentarians are still divided on the issue.
According to the BBC, the debate began when members of the European Parliament asked the European Commission to clarify how its members intend to ensure the firm “legal stability” of the blockchain. Apparently, the European Union is divided into two camps on this issue.
Romanian politician Silviu Cristian Busoi and French National Front member of the European Parliament Christelle Lechevalier believe that blockchain must become more developed and mature before parliament can begin to decide on its regulation. Bushoi insisted that “premature regulation of the industry will hinder innovation.”
Italian activist Dario Tamburrano believes that the European Union should not stand in the way of innovation, but also should not “lose control” over developing technologies, which will have to be legislated “over time.”
Lithuanian businessman and politician Antanas Guga, better known as Tony G, tried to convey his point of view - blockchain “is not going anywhere.” will go away,” and politicians must begin to take part in the development of the industry, and the sooner the better.
Despite differences in views, Commissioner of the Single Digital Market Andrus Ansip is pleased with the fact that the European Parliament commission is considering this issue. Although Ansip does not believe that blockchain is a cure for all ills of society, he believes that “it cannot be underestimated.”
Today the European Parliament will hold a non-binding vote, if successful, the commission will have to provide more complete information regarding the regulation of the digital market. It is clear that the European Union is still shying away from clear and understandable regulations. Perhaps it should take a cue from Switzerland and start supporting the growth of decentralized technologies.
According to thenextweb.com
You May Also Like
GDPR Uncertainty Concerns Blockchain Companies
According to research conducted by the Internet agency Digital Catapult, the UK's opaque regulation of the digital technology sector has become one of the biggest problems for the country's blockchain companies.
Belarus implements comprehensive cryptocurrency regulation
After previously implementing a decree regulating cryptocurrency activities in Belarus, the country's government has now adopted a detailed regulatory framework proposed by the High Technology Park (HTP).
