The European Union (EU) has decided to implement wide-scale and comprehensive regulations regarding cryptocurrency by 2024. The EU has long been of one of the biggest backers of cryptocurrency. It has also led the innovation of blockchain technology. Individual EU states, such as France, have also started introducing massive reforms and protections in that sphere.
The economic giant will put in increasing effort to regulate digital assets and monitor international transfers in cryptocurrency. About 80% of EU citizens uses fiat currency, but the new regulations would attract some of them to digital currency.
Kalkine Media reported that the EU should have their first set of crypto regulations in September. It added that certain factions in the EU have been pushing for cryptocurrency to be regulated.
The proposed regulations will affect not only those who use cryptocurrency, but also those associated to its platforms such as startups and exchanges. Hopefully, the increased regulation of digital assets will assist its technological growth and worth.
Meanwhile, due to the COVID-19, it has been reported that more people are becoming interested in digital assets as a way to bypass the unsanitary conditions of paper money. People now see digital currency as a safer and healthier way to interact with capital.
France has recently taken strides in creating the Union’s first digital Euro, a virtual version of the economic zone’s fiat currency, the Euro. A number of countries in the world have increased their cryptocurrency regulations and norms over the past couple of months.