EU Parliament Approves Proposal for Digital Currency Task Force
The European Parliament has voted to recommend that the bloc’s government create a task force dedicated to digital currencies and blockchain.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/3AVIKFGXDNF5HFFRVT45FR3DDE.jpg)
The European Parliament, the legislative branch of the European Union, has approved a proposal for a task force dedicated to digital currencies and blockchain technology.
A report drafted by European Parliament member (MEP) Jakob von Weizsäcker first began circulating in late February.
It called for measured exploration of the technology by the European Commission, the executive branch of the EU, but stopped short of recommending more than closer monitoring. The report also urged EU leaders to address any risks related to money laundering and terrorism financing.
In the months since, the EU Parliament has held a number of events focused on bitcoin and blockchain. Versions of the report moved through the legislature in April, setting the stage for today’s vote.
The EU Parliament voted 542-51 to pass the proposal, with 11 MEPs abstaining.
After the vote, von Weizsäcker said that the primary function of the task force should be to “monitor” technology developments ahead of any concrete regulatory proposals.
Von Weizsäcker said in a statement:
From here, the report will be sent to the Commission for consideration, and presumably the formation of the task force will follow in the months ahead. In addition to its research mandate, the task force will likely propose a legislative for digital currencies and blockchain tech.
Given recent indications that the European Commission wants to expand oversight of bitcoin exchanges in the EU, it’s possible that task force proposals could mirror this policy direction.
Image via Shutterstock
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.