The European Union will develop a regulatory framework to regulate the cryptocurrency and blockchain industry by 2024. The main goal of politicians is to foster the growth of digital currency and its replacement for fiat money. At the moment, about 78% of transactions in the Eurozone are carried out using traditional banknotes. According to the authorities, instant transfer systems should become the norm by the end of next year.
In particular, the bill will present a complete list of documents regulating the industry and will allow establishing new rules for working with digital tools, eliminating possible gaps in the existing regulatory framework. “By 2024, the European Union intends to develop a structure that will allow the introduction of DLT technology in the financial industry,” the documents say and emphasize that they will take into account the risks associated with new technologies.
In addition, officials believe that the introduction of new solutions will stimulate healthy competition and thereby contribute to the expansion of the range of services.
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