European Union Serious and Support Creation of Task Force for Digital Currency.
Annie Jimenez Digital Currency Strategist.
April 28. 2016 , Greece
The EU Parliament’s Economic and Monetary Affairs Committee (ECON) by 54 votes to 1 voted to support Jakob Von Weizsäcker’s proposal to set up a ‘taskforce’ to build up the necessary expertise in the underlying technology of virtual currencies. Also tasked with proposing recommendations for any necessary legislation to regulate the sector.
The objective is precautionary monitoring instead of pre-emptive regulation. The Report will will now be voted on by the EU Parliament as a whole. After which it will be sent to the EU Commission.
Annie Jimenez, met with EU Business Leaders in a private meeting for “EU Digital Currency Task Group” to discuss the Advantages and Disadvantages of regulating Digital Currency like Bitcoin etc. We do not want to make the regulations so hard, so that the innovation and progress of Digital Currency stop. This is the Next Revolution after Internet.
Regulation of virtual currencies is one of the most interesting topics in the European Union Parliament.
The creation of a taskforce which would regulate virtual currencies, like Bitcoins, to prevent their use for money laundering and terrorist financing, was supported by Parliament’s Economic and Monetary Affairs Committee on Tuesday by 54 votes to 1, with 2 abstentions.
To avoid stifling innovation, we favour precautionary monitoring instead of pre-emptive regulation. But, IT innovations can spread very rapidly and become systemic. That’s why we call on the Commission to establish a taskforce to actively monitor how the technology evolves and to make timely proposals for specific regulation if, and when, the need arises.
The proposal contained in a report authored by Jakob Von Weizsäcker (S&D) suggests the taskforce, which would be overseen by the Commission, should build up the necessary expertise in the underlying technology of virtual currencies. It would also be tasked with proposing recommendations for any necessary legislation to regulate the sector, but the report warns against a heavy-handed approach to this new technology which, it says, can offer significant opportunities for the consumer, business owners, and economic development.
The vote comes as the Commission considers measures to bring virtual currency exchange platforms under the scope of the existing Anti-Money Laundering Directive which is due for an update. Among the proposals is a measure which would require these platforms to undertake due diligence when customers exchange virtual for real currencies. This would end the anonymity associated with the exchanges. Regulators are worried that the current system is helping money laundering and terrorist organisations.
The EU believes that the digital currency has the potential to evolve into a highly disruptive technology which could transform the conventional finance sector and service sector.
Digital currency, is a revolutionary technology that allows people, companies or institutions to transfer funds instantly, securely and without a middleman. Digital Currency and Coins can expand international commerce, support financial process, and transform how we shop, save and do business. From programmable money to new forms of e-commerce.
According to Annie Jimenez, “Digital Currency – can make the financial system SAFER and STABLE and Provide Opportunity for Growth in the EU and EU member states.
About Speaker
Annie Jimenez, is a Management Consultant / Strategist for Digital Currency Companies in Europe, Asia and South America. With Over 10 years of Management and Operations experience, and 5 years’ experience helping clients in Europe and Asia with Commerce and Trade Valuations.
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