The Economic and Finance Ministers of the European Union are meeting in Vienna for an informal meeting next week. In addition to current economic and financial policy issues, they also want to deal with the issue of crypto currencies and their regulation. This brings a possible regulation of Bitcoin and other cryptocurrencies closer.
Austria has been taking over the presidency of the European Union since the first of July 2018. In this role, the country has the role of inviting economic and finance ministers from the 28 EU states to host their meetings. An informal conference will take place in Vienna on 7 and 8 September, during which the members of the government will already determine positions and identify similarities.
Cryptoregulation Is On The List
According to information available to the news agency Bloomberg, Bitcoin and other cryptocurrencies are also on the agenda at the meeting. In particular, finance ministers from EU countries, together with central bank governors, are set to face the looming risks posed by the growing popularity and adoption of cryptocurrencies for the traditional financial system.
The lack of transparency of the crypto-ecosystems is listed as a main point of criticism. The misuse of cryptocurrencies for criminal purposes is also the focus of the discussions. So the basic tenor of the agenda suggests that state officials want to use a rather hard line on cryptocurrencies.
Possible Consequences For The European Cryptoszene?
However, clear regulation that guides the European crypto-ecosystem into an orderly path does not necessarily have negative effects. The example of Japan, where financial market supervision has distributed licenses for Crypto exchanges that meet the KYC and AML guidelines, shows that it is conducive to sustainable growth by setting clear targets.
Clear guidelines for regulation of Bitcoin and other cryptocurrencies are unlikely in the short term. As the ministers come together for an informal meeting and regulations usually take time to be worked out, the regulation of Bitcoin in the EU will take some time.