European Parliament calls for task force on digital currencies

Group | February 26, 2016 By:

The European Committee on Economic and Monetary Affairs has published a draft report on digital currencies and blockchain.

The report, penned by European Parliament member (MEP) Jakob von Weizsäcker of the Committee on Economic and Monetary Affairs, seeks the establishment of a task force that would study digital currencies and provide policy advice to the European Union and member-states. The report highlights the low transaction and transfer costs of the digital currencies and enhancement of the speed of payment system.

The Task Force is to be led by the Commission to support regulatory work at EU and countries level related to the emergence of the blockchain applications. The report also suggests that Task Force is funded by the EU and appoints regulators and technical experts to monitor and assess blockchain applications. The staff of the Task Force will be entitled to recommend regulatory measures and address customers’ safety issues.

The Committee on Economic and Monetary Affairs is expected to vote on the report’s contents in April, and if approved, could move to the full Parliament for a vote as early as May.