EU finance ministers will meet on September 7 to discuss the future of cryptocurrencies
There’s a sense of hope mixed with a tinge of anxiousness as the global crypto community waits in anticipation for the upcoming EU finance ministers’ meet on September 7 in Vienna. The 28-member states’ finance ministers will be meeting to discuss cryptocurrencies and their implications in the eurozone. They will also discuss the steps that should be taken to regulate the cryptocurrency market and ensure that it is not a threat to the economy.
Crypto agenda to set the tone
According to Bloomberg News, the EU states would discuss the possibilities of cryptocurrencies being misused for money laundering, financing of terrorists, and tax evasion. They will also talk about the nuances and the need of transparency in the cryptocurrency sector, where people cannot be identified by their real names.
The Austrian government, which presently holds the EU’s rotating presidency, has not commented on the Bloomberg story yet.
Governments wary of the euphoria surrounding cryptocurrencies
While it is often termed as an asset bubble, there are many who believe that the euphoria surrounding Bitcoin is nothing but the fear and greed of speculators veiled in complex technical jargons and a technology that most people don’t understand. Governments around the globe are not yet convinced of the growing popularity of the blockchain and cryptocurrency trading that facilitates cross-border payment without any central regulatory body.
China has already started to take stern steps to keep a lid on the growing popularity of the digital assets. However, there are countries like Japan, Malta, and the British Virgin Islands which are more supportive and considered to be safe havens for the digital economy.
The EU’s executive arm, the European Commission, has been diligently monitoring the developments in the crypto sector and collaborating with other industries to regulate the same if needed.
According to a report published in June, the European Parliament’s Committee on Economic and Monetary Affairs said that cryptocurrencies will not challenge the economic power of central banks.
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