Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-05-26-Speech-2-172-554"
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"en.20160526.18.2-172-554"2
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"I voted in favour of this report. The report notes the rise of the use of virtual currencies such as the bitcoin which are stored and traded online through distributed ledger technology (DLT).
In principle, virtual currencies could provide a much more democratically regulated currency, regulated by the community. Moreover, the tech – blockchain – could also provide a more transparent transaction system which could counter illicit capital flows and money laundering if it is paired with the right form of regulation such as anti-money laundering regulations.
However, the report further outlines the risks associated with the use of a totally unregulated currency which has been issued privately instead of through a central bank or public authority – i.e., legal uncertainty for consumers, anonymous use which contributes to tax fraud and money laundering, potential for speculative bubbles, etc. However, as stated above this can be countered by the right form of regulation such as anti-money laundering regulations.
The most significant aspect of the report is the call for the Commission to carry out an analysis of virtual currencies and consider (if appropriate) revising existing relevant EU legislation on payments to include regulation of virtual currencies."@en1
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