European Commission members plan to hold high-level round tables on cryptocurrencies

nRunaway Comment: Encrypted currency is now one of the major topics for governments and global organizations. Recently, a member of the European Commission publicly expressed its intention to convene a high-level round table as soon as possible to bring together representatives of the public and private sectors to discuss the impact of cryptocurrencies on central banks and other areas. From his remarks, the EU may take some aggressive supervision over cryptocurrencies, thereby preventing any unlawful conduct related to it.n
nTranslation: Inan
A member of the European Commission plans to assemble a stakeholder meeting in public and private sectors to discuss the implications of cryptocurrencies on central banks.n
Valdis Dombrovskis, deputy head of the Euro-Social Dialogue Department, said at a press conference to be held on ECOFIN on Tuesday by the European Economic and Financial Affairs Committee (ECFIN) that he plans to hold discussions with some officials and representatives of the private sector on cryptocurrencies. It is reported that Dombrovskis pointed out:n
n”In addition to the central bank, cryptocurrencies can also affect many other areas, so I intend to bring together key agencies and the private sector as soon as possible to conduct a roundtable to assess long-term conditions, including current market trends.”n
nSome countries have begun to study the concept of official digital currency, including the central banks of Britain, India and Canada.n
However, people react differently to the central bank’s possible involvement in cryptocurrencies. While some predict that central banks will buy cryptocurrencies to shore up their foreign exchange reserves, others believe that the goal of bankers and cryptocurrencies buyers varies so much that the intersection of central banks and cryptocurrencies should be limited to regulatory action.n
Although the trend of these discussions remains to be seen, the role of Dombrovskis in EU structural reform and regulation of financial markets shows that these discussions may trigger further regulatory action.n
At the press conference, Dombrovskis reiterated the EU’s interest in adopting blockchain technology and revealed that the EU intends to adopt a more proactive regulatory approach to cryptocurrencies to curb “unlawful conduct.”n

Leave a Reply

Your email address will not be published. Required fields are marked *