Cryptoassets are dangerously unregulated and may give rise to criminal activities, according to two recent assessments published by the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA).
European decision-makers and regulators are progressing towards an EU approach for dealing with cryptoassets, digital assets that use cryptography such as Bitcoin and represent a booming market still viewed with concern by financial supervisors.
The European Commission will assess whether new rules are needed against the “substantial speculation” of digital currencies, Commission vice-president Valdis Dombrovskis said on Monday (26 February).
Iceland is the first country to use more electricity on mining crypto-curriencies than on its households – thanks in part to its magma-fuelled power plants. EURACTIV's partner The Guardian reports.
Virtual currencies such as bitcoin have shown clear signs of a pricing bubble and consumers could lose all their money, the European Union's banking, securities and insurance watchdogs said on Monday.
The EU's top official for the euro on Wednesday (20 December) pressed European regulators to urgently update financial rules in order to face bitcoin's dizzying volatility, after the crypto-currency leapt from $1,000 to $20,000 in under a year.
European Union states and legislators agreed on Friday (15 December) on stricter rules to prevent money laundering and terrorism financing on exchange platforms for bitcoin and other virtual currencies, the EU said in a statement.
While EU lawmakers are picking over proposals intended to drag Europe’s electricity sector into a 21st century dominated by intermittent renewable power and decentralised generation, others are already contemplating ways in which new digital technologies might shake things up even more.
Modern technology could shore up the European project, boost transparency and help governments collect taxes. Author Jamie Bartlett told EURACTIV.com that the EU should become the great technological innovator but warned that politicians simply aren’t prepared for massive changes ahead.