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European Union will be under Crypto regulations by 2024

ByDave Stopher

Jan 3, 2019 #Business

European Culture has forever been the guiding force for the entire world. Many of the world’s cultures are inspired by Europe because the whole world fancies their ideology and thought process. This has come across as exceptionally good news for Bitcoin as the European Nations are taking the lead in this space also. Click here to invest in Bitcoin prime.

Many of the European Nations are already making considerable strides in this industry while others are following in their footsteps. It’s incredibly surprising to see such big world powers are so inclined towards this digital currency that they are facilitating its growth in the entire world.

Now, coming to the latest development in the space under which it was announced that the European Union is planning to take the Cryptocurrency industry under its gambit. It will do so by bringing it under a certain set of rules, regulations and authorities which will only facilitate its growth further. It’s surprising to see such a drastic change of attitude as these nations were only skeptical about acceptance of cryptocurrency when it was first introduced.

Nevertheless, it’s good news for the Crypto market and all those who are involved in this industry. Though, there is still time for this to implement as it has been said that a comprehensive Cryptocurrency regulation strategy will only be ready by 2024. Still, this news has shaken the market and sent across a wave of positivity and we can expect good things happening in the space.

The move was initiated by the Finance ministers of the Five most powerful European Nations who called an assembly to discuss the regulatory measures around Cryptocurrency. Following this, a comprehensive strategy will be designed and implemented by 2024. This strategy is likely to be followed by all the European Nations.

It will further open the doors for acceptance of Blockchain technology, distributed ledger technology and Cryptocurrencies in the financial industry. There are already some developments taking place in the financial sector which have to do with blockchain technology and these regulations will only motivate more such changes.

The commission is already on it and the policies will be formulated soon which will be implemented by 2024.

Along with that, it will also formulate rules and regulations for financial companies and banks which are holding these Crypto assets. The whole point is to regulate this entire industry by all means so that they can bring in more predictability and stability in the same.

There will be an implementation of these rules on two levels. The first one says that new policies will be formulated and the second one is about the understanding and drafting of the existing policies as some of them are not properly implemented. The technology is undoubtedly good and it’s the way ahead but what’s important is to understand that there are certain risks associated with it. Those have to do with its lack of traceability, transparency and high-volatility. To minimize the impact of all those consequences regulation of this industry is the way ahead.

The European Union is already looking for a way to digitize its economy. A major chunk of its population is using cash and a cashless economy seems to be a distant dream at the moment. To make it more plausible and practical the European Union is joining hands with all its nations and bringing in place a system that will be a way forward in this direction.

The new rules will be implemented soon so that in four years the economy is up and ready in the digital space. To avoid the direct consequences of the same like terror financing, money laundering and frauds there will be another set of rules and regulations to prevent such cases.

The Nations which are standing together in support of a stronger policy on Cryptocurrency are – Germany, France, Netherlands, Spain and Italy. It will be interesting to see such strong economies moving towards the digital space at such a fast pace. With the recent update by Facebook that it will be launching its own digital token soon, there has been more and more talk about the digital tokens.

These nations are smart enough to realize that this is the future of the economy and the ones who will take this leap will reap its benefits later. With this step, these Nations have already put a strong foot and will be leading the way ahead.

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