While the price of Bitcoin find in a long time, once again, in the green area, the authorities once again, the question is: How can we regulate crypto-currencies? How can you bring these new currencies in a sensible framework? The answer: Europe needs to work together.
The price of Bitcoin seems to be moving for a long time, even in the case of Altcoins, it looks good. While we ask ourselves, when the cops come, and how you can keep from the ICO-madness a bit, gnaw the authorities to the old questions:
How can you avoid that one operates using crypto-currencies money laundering and financing terrorism? How to cope with this new technology, and in regulated Fährwasser ships?
100 Pages Of Clarity
In a 100-page working paper experts have set the European Parliament’s policy Department for economy, science and quality of life with Bitcoin and other crypto-currencies, apart. After a lengthy comparison of the Top 10 crypto-currencies with the highest market capitalisation, you come to the interim result: As anonymous most of the crypto are not currencies at all. However, outliers such as Monero, Dash or Zcash threatening according to the report, the security of the country, by facilitating money laundering & co.. Some treatises can help currencies, then the result is: Bitcoin and other Crypto, Europe together:
“Crypto-currencies are not tied to boundaries. Therefore, it is not sure that the national level is the right thing to do, in order to combat money laundering, terrorist financing and tax evasion on crypto-currencies. The European level is more appropriate.“
Bitcoin connects Europe
Fact: Bitcoin is the European authorities. At least on paper. However, the researchers need to think a bit:
“Still appropriate, the international level, however, since the crypto-activity is also not limited by the European borders. Therefore, the international cooperation, e.g. within the framework of the UN office for drugs and crime, the FATF and the Egmont group, which is crucial for the successful enforcement of rules to combat money laundering, terrorist financing and tax evasion.“
And what’s up with Blockchain?
In the area of Blockchain, one could not venture in too deep waters. To be extensive and diverse, this new technology is based currencies on the Crypto:
“As already mentioned […], Blockchain technology, Cryptocurrencies can run. The scope of the Blockchain, however, is much greater than that of the crypto-currencies. It can be used in a variety of sectors (e.g. trade, health, Governance), has many promising application possibilities, e.g. in respect of the securities, the registration of the shares, bonds and other assets, the operation of the basic books etc.“
The technology, so the European scientists, have concluded that, in principle, is innocent:
“It would be too blunt to bring the Blockchain to money laundering, terrorist financing or tax evasion in connection. It is only a technology that is not intended to launder money, to facilitate the financing of terrorism, or to evade taxes. It has numerous applications in the whole of the legal economy. It would not be advisable to discourage future innovations in this respect, by prohibiting the Blockchain and its use cases, [ … ] because […] crypto-currencies.“
Finally, the group of researchers refers to the upcoming G20 decision-making, from which they hoped to provide more clarity. Maybe it will work on the international level – depending on how willing to negotiate you are in Overseas.
Quo vadis, Europe?
The classics so: the Blockchain is innocent, Bitcoin leads to crime. Just a little food for thought: Who is he tempted to crime? And how it comes? Keyword: Symptom Control. However, we will let our readers know what’s going on here.
What is noteworthy in these findings is that millennia of human development, in order to come to a fairly poor result. So you have to write, apparently, a 100-page research paper, to recognize that there are problems that are cross-border.