This is an interesting question to grapple with given what is happening within the EU space in regard to crypto currencies and blockchain technology.
In the first place the German ministry of finance took the lead late last month by becoming the first major sovereign EU country to accept crypto currency payments.
Right about the same time there is rife talk about regulation from reputable voices within some EU member states point in case the Dutch finance minister Mr. Wopke Hoestra see: Dutch Finance Minister advocates changes to European Crypto Laws! where, he argues that the current crypto regulation framework is weak and inadequate to protect the growing number of Dutch citizens investing in crypto and hence advocates stronger regional and international regulatory frameworks to be put in place.
Never the less it is important to highlight other important arguments being advanced by other major EU leaders such as Mr. Andrea Enria, the current chairman of the European Banking Authority! EBA who advances the argument that rushing to cut out regulations for the crypto world would in a way alienate the EU from witnessing and harnessing the advantages that an open market provides in this space. Thus preferring to take a moderate approach toward mapping out a regulatory framework since this industry is very new and dynamic. In this case, restriction would stifle the innovation in the crypto currency space.
“Rushing to cut out regulations for the crypto world would in a way alienate the EU from witnessing and harnessing the advantages that an open market provides in this space.”
It is interesting to see what form of regulatory policy the EU comes up with in the next few months. However I am more than certain that the cat is out of the bag with Germany having taken the move to accept crypto currencies as a means of payment. My bet is that a formula is being carved out to keep the Banks relevant since they are a major industry that the EU has relied upon for its influence abroad.
Looking forward to have your thoughts and comments.
NCN
New Crypto Nomad.