European Banking Union proposes regulation of Bitcoin

Bitcoin House News September 23 CoinDesk news The European Banking Union called on governments and companies to formulate cryptocurrency regulatory rules.  

The European Banking Federation ( EBF ) recently unveiled its vision for the digital transformation of the banking system, which involves Bitcoin and blockchain.

EBF noted that blockchain as an innovative technology offers many interesting opportunities for individual financial institutions and the collective ecosystem. Bitcoin should be regulated through a comprehensive regulatory framework and the application of existing anti-money laundering regulations for digital currency transactions. It also recommended that the technology be studied more deeply and the regulatory rules developed be evaluated.

Although the EBF calls for digital currency transactions to be regulated like traditional currency transactions, the EBF manifesto also points out that maintaining innovation is a prerequisite for the development of encryption technology.

The document also points out some potential advantages of widespread adoption of the technology, including:

“ The use of this technology can reduce the cost of transferring and processing transactions, protect the interests of consumers, and increase market liquidity. It can also add new products and services and improve the efficiency of the banking industry. ”

However, the group is not optimistic about the prospects of Bitcoin as a currency.

Bitcoin represents the most successful example of cryptographic technology. However, the future of Bitcoin is still unclear because Bitcoin is currently only a small-scale experiment.