MEPs warm to distributed ledger tech

MEPs warm to distributed ledger tech

Members of the European Parliament (MEPs) have vowed not to regulate virtual currencies and distributed ledger technology out of existence.

During a four day conference, traditional financial services players such as Barclays and Nasdaq joined leaders from the virtual currency and blockchain world, the IMF, BIS and others to meet with policymakers from across the EU institutions in a series of roundtables.

Put together by the European Digital Currency & Blockchain Technology Forum, a new Brussels based public policy platform, the event saw discussions on issues such as the economic benefits of virtual money, the use of distributed ledgers, and regulating the nascent industry.

Ashley Fox MEP, says: "We look to work with industry to inform us on this important issue. There is a consensus in the Parliament, that policymakers should be careful not to regulate the technology out of existence."

The conference came as parliament's economic and monetary affairs committee discuss their report on the industry, while the internal market and consumer protection committee also met this week to talk about their opinion on the report.

Eva Kaili MEP, Socialists and Democrats member, says that she has also asked for a separate report from the international trade committee, "to ensure that the groundbreaking potential of the technology is fully embraced".

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