Europe Union's restrictions seem to block development of the blockchain technology.
The first thing that pops into the head of anyone's listening when they hear someone talking about the Europe Union is clearly their main legal tender note, known as Euro but what about officials stance on the blockchain technology and the digital currencies that it supports? While the Europe Union has been seen as a rather strict region for the anonymous blockchain currencies mainly due to their hard efforts of protecting the population from easy schemes and online-theft then their latest projects might be signaling a more smooth road ahead for the digital assets.
Legal Laws Of The Region & Anonmity Of The Blockchain Currencies
The main problem what comes in with accepting digital currencies in the region is the already set-in-place traditional laws and changing these to fit blockchain assets as they are would mean building a road map for more shadier activity in the region, essentially if they would embrace anonymous currencies with wide arms then their decades long work on protecting consumer market from the illegal activities and theft would be lost.
While all of the above seems to be a definite block for the prosperity of the digital assets then in reality Europe Union is fully aware of the potential that the blockchain technology brings in itself and understand that people should not be restricted from using any of the currencies, digital or not, if they would choose to do so. This has spiked ideas for many different projects that would help with acquiring more information regards the people using the digital currencies.
Basically, their project would end up gathering all of the information about the companies that operate within the region, that includes the customer's information and give it to the officials and protection agencies for better monitoring and protection. While this may sound like going against the nature of the anonymity that the blockchain currencies should provide then, in reality, it is not that much different that digital currency exchanges are doing to you already and should not be seen as a negative factor for the prosperity of bitcoin or any of the other blockchain assets.
Estonian e-Governance Plan To Release A National Token ESTCoin
While the general stance of the Europe Union seems to be slightly block-ish at the moment then that has not stopped from the most technologically advanced country in the region to set their sights on the full potential of the blockchain technology and have already released a white paper that outlines the plan of creating a digitalized national token, called ESTCoin and distribute it into the operations of their already active e-Government.
Vitalik Buterin has spoken out about the potential that ICO type of investment could bring to this blooming fin-tech hub and has been noted to be the consultant for the project itself.
The only thing that all of us can do in order to secure the prosperity of the digital currencies and the platform that it runs on is to keep on spreading awareness and in result help the blockchain technology to keep on finding its way into more parts of our lives.Filed under: Bitcoin, BTC, Blockchain, Europe, Union, Regulations, Legalization, Anonimity