Europe to set up a taskforce to monitor bitcoin

The European Parliament has approved a proposal for a taskforce looking into virtual currencies like bitcoin and blockchain technology.

The proposal, set out in a resolution drafted by German social democrat MEP Jakob von Weizsacker, suggests that the taskforce, which would be overseen by the Commission, should build expertise in the underlying technology of virtual currencies.

“To avoid stifling innovation, we favour precautionary monitoring rather than pre-emptive regulation. But IT innovations can spread very rapidly and become systemic. That’s why we call on the Commission to establish a taskforce to actively monitor how the technology evolves and to make timely proposals for specific regulation if, and when, the need arises,” said von Weizsäcker.

The Parliament passed the proposal by 542 votes to 51, with 11 abstentions. It will now be forwarded to the Commission for consideration.