European Parliament Says Crypto Is A Viable Alternative To Fiat Currency In Report Detailing The Impact On Global Economy
The European Parliament Committee on Economic and Monetary Affairs released a brand new analysis that highlights the fact that crypto is a viable alternative to money.
This validation is exactly what the crypto community was expecting.
Their report is a detailed review of how the cryptocurrencies work and the massive impact that they have on the global economy.
Crypto can be used instead of money
The report defines digital/virtual currencies/cryptos as a “digital representation of value, not issued by a central bank, credit institution or e-money institution, which in some circumstances can be used as an alternative to money.”
The report also details the cryptos’ features and the European Parliament goes on to say that the common feature that the digital currencies have is the use of DLTs in order to manage value exchanges.
Digital currencies are both innovative and disruptive
The report also explains that crypto provides technical and operational paradigms that are eventually a source of disruption for the industry involving monetary policy and financial stability.
The same analysis states that “these disruptive and innovative applications utilize new and emerging technologies, among which those stand out are AI, cloud computing, biometrics, digital identity, the blockchain, cybersecurity, RegTech, internet of things (IoT), augmented reality, etc.”
Banks may issue their very own crypto and this will make the whole crypto market much more competitive, says the report.
Cryptos are challenging regulators
The analysis goes on and explains that the crypto is quite challenging for regulators and says that the international nature of the crypto markets will also turn out to be a challenge to competition policy at a European level.
Many players are operating from locations all over the world which are outside of the jurisdiction of the European competition authorities.
This will make the investigation of anticompetitive behavior more challenging.
Read the complete report here.
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