There are currently more than 2,000 cryptocurrencies available to consumers today. Primarily, the organization wishes to focus research on the applicability and suitability of laws for use in regulating the blockchain framework. While they are only recommending devoting times and energy into researching the “applicability and suitability” of laws to cryptocurrencies for the moment, the general consensus is that if cryptocurrencies stay the course, new regulations are coming.
Currently, EU regulations and laws relating to banking, payments, and electronic money do not apply to cryptocurrencies leaving consumers to bear the brunt of risks associated with their crypto-investments.
The problem often lies in how much credence regulatory commissions are willing to assign cryptocurrencies. Many of them continue to deny the existence of these currencies, proclaiming them little more than fairy tales and Ponzi schemes. These skeptics aren’t interested in lending credibility to the virtual coins for fear that they will somehow evolve into more mainstream and widely accepted forms of payment.
Those who are willing to accept cryptocurrencies as an emerging “threat” to the old way of conducting business are fearful of the disruption it may cause to financial markets across the globe. Both parties have much to fear from wide acceptance of cryptocurrencies and seek to downplay its potential impact on the world’s economy at every turn.
In a world where Finances Rule through the might of the governments behind them, cryptocurrencies threaten the status quo and represent what could become a major meltdown in the global economy.
This recent decision by the EBA, while not offering a definitive stance on regulating blockchain and cryptocurrencies does accomplish something big for those who support cryptocurrency. It lends the currency credibility from a major authority. This will provide a huge boost to supporters and make it a more believable form of currency for doubters among the general public.
This currency form is more widely accepted among people who spend a great deal of time in virtual circles, it is gaining broader acceptance outside of the World Wide Web with major retailers, including Newegg, Overstock, Microsoft, Expedia, Ghostbed, and Namecheap currently accepting Bitcoin for payment.
As more banking authorities, worldwide, begin considering regulations for cryptocurrencies, all signs are pointing to wider use and credibility for this evolving currency.