The EU [European Union], plans to include cryptocurrency & blockchain technology into its main processes by the year 2024.
Within the upcoming 4 years’ time per, the economic union aims to arrange new regulations that will promote blockchain & virtual asset usage for global money transfers, consistent with internal documents that Reuters added recently on Friday.
While explaining further, the documents added:
“In the upcoming few years, the EU should put in situ a comprehensive framework permitting the uptake of DLT & cryptocurrency assets within the financial sector. It should also address the risks related to these technologies.”
Finding that nearly around 80% of its population transacts in traditional paper money, the EU, the union’s governing entity, wants to ascertain digital payments as more common, while aiming for immediate transaction times, Reuters added.
The commission’s reported aims to embody a desire for hiked data access, financial activities availability – all while aiming for high efficiency. “By 2024, the principle of passporting along with a one-stop-shop licensing should apply in all the areas that hold a strong potential for the digital finance needs,” the documents added. Over the subsequent year, fast transaction avenues will likely take over, Reuters said.
Although the coronavirus outbreak may have expedited the will for the virtual payments across the world, blockchain technology, and cryptocurrency assets are been within the talks of the regulatory town, with many nations looking forward to CBDC’s to streamline their existing payments infrastructures.