The European Banking Federation (EBF), which represents Europe’s largest banking groups, unveiled its vision for digital currencies and cryptocurrency regulation. The group called upon governments and businesses to develop a framework for bitcoin regulation, pointing out that further research and ongoing evaluations of rules should be made.
In particular, the group proposed that a comprehensive framework for cryptocurrency regulation based on existing anti-money laundering laws could be applied. It also acknowledged that the blockchain, which refers to bitcoin’s distributed public ledger, provides a number of interesting opportunities for financial institutions and the collective ecosystem.
Cryptocurrency Regulation Proposals
The EBF went on to propose that public and private assessment of blockchain technologies should be conducted. It also noted that there is a need to raise awareness on digital currency developments, along with the benefits of using such products and services.
However, the EBF clarified that they believe bitcoin’s future as a cryptocurrency remains unclear. It expressed hesitation about using bitcoin as a case currency, citing that it was built as an experiment.
Despite that, the group highlighted the potential of using crypto-technologies and ensuring that cryptocurrency regulation still allows room for innovation. “Using such technology offers clear opportunities to reduce costs of moving and