The EU is open to cryptocurrency, as long as there is regulation

The European Union is much unfastened to cryptocurrency than you think. They person been discussing options to integrate cryptocurrencies into the fiscal system.

This Friday, European Commissioner for Home Affairs, Ylva Johansson, told the Munich Security Conference that the European Union (EU) volition beryllium prepared to unfastened up crypto trading if the risks are managed decently and regulations are strengthened.

The EU has taken a friendlier stance toward cryptocurrencies, including bitcoin and ether, than different large countries, specified arsenic China, who person precocious moved to prohibition each cryptocurrency transactions.

Johansson acknowledged that integer currencies bash not marque her comfy nevertheless they request to beryllium regulated truthful they cannot beryllium exploited by terrorists and transgression organizations. She continued to notation to herself connected the league arsenic the “party pooper”, for stressing retired the value of regularisation and fraud prevention.

The sheet was besides attended by Sam-Bankman Fried, CEO of cryptocurrency speech FTX and German entrepreneur Christian Angermayer, the co-founder of Cryptology Asset Group.

Angermayer acknowledged that fiscal institutions often support their ain interests astatine the disbursal of those billions astir the satellite who are without slope accounts and chopped disconnected from the fiscal system.

Bankman-Fried acknowledged the risks of criminals utilizing cryptocurrencies but said that platforms person greatly strengthened oversight mechanisms. “There are existent risks to cryptocurrency, chiefly due to the fact that they let anyone to determination wealth astir without adjacent opening an account,” helium said. “There are a batch of transgression things you tin bash with it, but we already judge the transgression risks associated with cash. In immoderate ways, cryptocurrency has amended transparency for instrumentality enforcement than currency does.”