Throughout the previous decade, cryptocurrency has been the matter of unparalleled attention. The technology has become promoted as a method of individuality verification, supply-chain monitoring, and fraud operations. Unlike traditional currencies, cryptocurrency is stored digitally and is accepted by individuals as being a medium of exchange.
Some three years ago, privately owned companies started to explore the use of blockchain for people who do buiness applications. argument against cryptocurrencies These companies included the Linux Foundation, which created Hyperledger, and R3, which leads a large range that produced Corda. Several large cryptocurrency networks also have begun to explore the use of proof-of-stake algorithms.
While there is a growing requirement of cryptocurrency regulation, the EU legal system has not yet developed any platform that will guard users’ passions. Some EU Member Advises treat cryptocurrency like a foreign money, while others minimize its value to banks and securities companies. This might influence the growth of the crypto market.
A functional group was made in the EU to talk about the legitimacy of cryptocurrency. This group was after supported by the European Legislative house. It advised creating a system to cope with the various issues related to the cryptocurrency marketplace.
The Eu Council given a decision in February 2016, stressing the need for making becomes EU laws. It seen by the three current frameworks as a method of responding to research questions. Using these frameworks, the significant group developed a new construction. This system suggested the fact that crypto marketplace was not well-regulated and recommended the potential for the currency to work in The african continent.