Throughout the previous decade, cryptocurrency has been the topic of unprecedented attention. The technology may be promoted as a way of info verification, supply-chain monitoring, and fraud supervision. Unlike click reference traditional currencies, cryptocurrency is stored digitally and is also accepted by individuals as being a medium of exchange.
Quite a while ago, individual companies began to explore the utilization of blockchain for people who do buiness applications. These companies included the Linux Foundation, which will created Hyperledger, and R3, that leads a large pool that produced Corda. A number of large cryptocurrency networks have begun to explore the use of proof-of-stake algorithms.
Although there is a growing need for cryptocurrency regulation, the EU legal system have not yet created any framework that will take care of users’ pursuits. Some EU Member Says treat cryptocurrency like a cash, while others restrict its use to banks and securities companies. This might influence the expansion of the crypto market.
A working group was made inside the EU to discuss the legitimacy of cryptocurrency. This group was in the future supported by the European Legislative house. It recommended creating a construction to address the various issues related to the cryptocurrency market.
The Western Council released a decision in February 2016, stressing the significance of making changes to EU legal guidelines. It detailed the three current frameworks as a means of answering research problems. Using these kinds of frameworks, the significant group designed a new platform. This system suggested that crypto industry was not well-regulated and advised the potential for the currency to work in The african continent.