Deputy Commissioner of the European Commission Valdis Dombrovskis stressed that the risks should be paid attention, drawing attention to the possibility of the European Union to regulate cryptographic money.
Crypto currencies like the famous Bitcoin are becoming increasingly popular for investors and the public. However, the risk of using them in international trade is not guaranteed, and this creates particularly intense speculation.
Moreover, it is frightening that it can be used for money laundering and other illegal activities. Fraud cases involving cryptographic currencies have also been identified by the Belgian Financial Services and Markets Authority (FSMA).
The European Union Commission held a conference on cryptography
The European Commission held a conference bringing together industry representatives to discuss the future of virtual currencies.
Dombrovskis emphasized the benefits of cryptographic currencies, and this innovation of Europe emphasized the importance of putting in account to stay competitive.
The vice president said:
However, the risks they bring must not be neglected. Europe only has a small share in the international market. To protect consumers, we have to work with our G20 partners.
It is limited what they can regulate. Using a vpn will bypass you to other exchanges or you can meet in person to trade bitcoin. They do not really know how to handle it anyway.
Iceland where i am living is however not going to allow more of these facilities to pop up at the cost of our environment. And they need to get something in return such as a revenue for all this electricity used.