The importance of virtual currencies and its underlying blockchain technology is being recognized by the European Union, resulting a favorable outlook towards the cryptocurrency industry by the European Parliament. The recent report published by the European Parliament stands as an evidence of its stance towards virtual currencies.
The opinion report on virtual currencies and virtual currency technology was published by the Committee on the Internal Market and Consumer Protection last week. The report is meant for the consumption and consideration by the European Parliamentary Committee on Economic and Monetary Affairs.
In this report, the Committee on Internal Market and Consumer Protection clearly points out the various advantages of virtual currencies, with an intention of influencing any future virtual currency regulations drafted by the Economic and Monetary Affairs Committee, applicable for the European union.
Most of the points contained in the report are already well-known to the cryptocurrency community. But this piece of official communication will be helpful in influencing the officials concerned with drafting and implementation of virtual currency legislation on behalf of digital currency users and the consumers in general.
Some of the points listed in the report are as follows –