Bitcoin & Crypto shall become part of European payment system according to EU Parliament
Straßburg, 4 October 2018 – This week the European Parliament passed a resolution called DistributedLedger-Technologies and Blockchain: building trust with disintermediation. It states, among other things, that Bitcoin & Co is to be included in the European payment system.
Under the leadership of Greek MEP Eva Kaili, a strong motive for introducing the resolution is to strengthen and protect EU citizens and start-ups in relation to centralised banking and data protection, including the "right to be forgotten". It is intended to serve as a transparent regulatory framework with which a blockchain industry can thrive. According to Ms Kaili, one example of the need for greater efficiency is the banking sector, which in the EU alone charges 135 billion euros in hidden charges per year.
The Resolution contains the following recommendations:
Establish non-profit "innovation centres" for Member States to promote research, education and training among their citizens.
The introduction of blockchain courses and curricula at universities
The Commission and the ECB must identify threats to the public and incorporate crypto currencies into the European payment system
Development of technical standards for distributed ledger technologies
Carry out a clear analysis of the legal enforceability of smart contracts between EU Member States.
Decentralise the storage of data from EU citizens to prevent misuse of data.
Decentralised infrastructure to ensure that no monopolies are held, e.g. the storage of nodes and servers.
Use the blockchain to track EU funding to achieve better accountability.
Evaluation of Blockchain-based Evoting Systems as an Application Example for the EU
Creation of financing opportunities through the EIB, the EIF and EFSI 2.0
The establishment of an ICO Monitoring Observatory and the clarification of utility and security tokens as unique asset classes.
For all blockchain regulations to remove barriers and based on the principles of technology and business model neutrality.
The EU wants to play a leading role in Blockchain
For the EU to be successful and to assert itself in the development of the global blockchain market, it must ensure unrestricted access to initiatives. By calling on Member States to actively protect citizens' rights, Parliament takes a positive position and a leading role in the adoption of real use cases for block-chain technology.
While the resolution serves as recommendations and justification for stronger political development before it enters into force in the EU, it nonetheless demonstrates Parliament's willingness to take courageous steps to make the EU project future-proof.
Bitcoin & Co to be integrated into European payment systems
Parliament's recommendation to integrate crypto currencies into European payment systems and to guarantee data protection is very much in line with the Festy project **. Not only should merchants prefer crypto currencies to the euro, but consumers should also boycott Mastercard and Visa and regain control of their data. As a European company fighting for data ownership, we recommend that Parliament adopt this resolution and respect human rights.
Translated with www.DeepL.com/Translator
** Festy project: https://www.festy.ie/post/worlds-first-contactless-crypto-payment-at-music-festival
Heiko Closhen, Entrepreneur