Bitcoin blockchain technology be the first key block chain technology supervision!
BBVA (BBVA) chief economist JavierSebastian in a recent research report pointed out that the legal framework needs to create a definition of the legal nature of the block chain technology. To supervise the blockchain technology, bitcoin blockchain technology first become the focus of regulation.
The main task of Sebastian is to BBVA to judge and analyze the digital economy trend, he said the blockchain technology may become a powerful tool to improve the efficiency of the bank.
The implementation of the contract by the invariance of intelligence, transparency and automation features can lay the foundation for new digital business.
BBVA has been one of the bitcoin block chain technology support mechanism. It has invested in Coinbase, and is also a founding member of R3CEV block chain alliance, also held the financial competition.
Bitcoin occupies the core position, bitcoin block chain technology is a key regulatory target.
One of the most important factors to influence the use of regulatory blockchain technology widely used. But because bitcoin is the only example of block chain flexible application in the real world, so the regulation debate focused on bitcoin. So bitcoin blockchain technology first.
It is understood, because bitcoin is seen in some countries for the digital currency, and is seen in other countries for the goods, so the first step in the tax treatment is to coordinate the bitcoin transactions. The sales need to pay value-added tax (VAT).
In October 2015, the European Court exempted from VAT bitcoin transactions.
The next step is to prevent the use of bitcoin money laundering and the financing of terrorism. Block chain supervision, bear the brunt of bitcoin block chain technology.
In July 2016, the European Commission proposed joint follow the “anti money laundering directive” digital wallet providers and currency exchange platform to prevent anonymous bitcoin exchange.
According to reports, this week, the European Parliament and the European Council recommended a revision on the prevention of money laundering and terrorist financing directive, the directive will require electronic currency exchange and wallet identify suspicious activities, including the identification of bitcoin users. Bitcoin blockchain regulated technology.
Block chain become the focus of regulation
According to the research, supervision and other use of the block chain technology, will have a greater destructive effect on financial services, which is at a standstill. However, the unique characteristics of block chain technology based on different cases, there are some common problems.
As an important use case blockchain technology, bitcoin blockchain bear the brunt of technical supervision.
For example, distributed and global characteristics of the blockchain make creating a legal framework to define its legal nature become necessary, including the applicable law and on error responsibility assessment.
In addition, the blockchain immutability led to it as not falsifiable “the only source of truth” this understanding of the debate, as well as the evidence of the existence and the legal effect of stored documents and intelligent contract as valid legal agreement debate.
The data in the report, opinions and views without BBVA independent verification, are based on common estimation method.
Research on the supervision continues
Study on the mechanism of Spain’s foreign bank last month issued a report on the financial services chain block using the work file, expounds the supervision, operation and technical challenges. Bitcoin blockchain technical supervision has been as the focus.
The paper points out that due to the lack of supervision, supervision problem so far has been ignored, but they also gradually aroused attention in, because the research is the necessary conditions for large-scale use.
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