European Union will not regulate bitcoin

Regulation | January 27, 2016 By:

The European Union has announced that they are not interested in regulating digital currencies such as bitcoin just yet.

Citing that the virtual currency market was “hyped,” the regulatory body said that there’s just not enough known about the currencies to actually form specific regulation to curb issues that have arisen, such as money laundering.

“It’s easy to fail when you regulate, you can be too early and too late. From the European Commission’s perspective, we are more on the monitoring side. We want to understand better what is happening,” European Commission senior financial services officials Olivier Salles.

The EU however, believes that the digital currency has the potential to evolve into a highly disruptive technology which could transform the conventional finance sector.

The European Union is a politico-economic union of 28 European member states.