Cryptocurrency has been in the market for a long time, and we cannot avoid the enchanting features of Cryptocurrency in the modern market. We got so many facilities from these digital currencies that we are not willing to leave this behind.
But some legal issues have been a serious concern over the years for Cryptocurrency and its users. If it is legal, then there will be nothing more exciting than Cryptocurrency.
We all know that Blockchain is the technological masterpiece behind the emergence of Cryptocurrency. In 2009, Bitcoin was first discovered by Blockchain, and from that time, it was just a sky-high experience for the users.
However, this article is based on the features of Cryptocurrency and is focused on the new EU regulations regarding Cryptocurrency.
Well, the features of Crypto are not unknown to us! It has been in the market for a long time; especially Bitcoin is a familiar name to many traders. Why is it so exciting!
It is because of its fast and anonymous nature. Crypto users don’t care about the centralized process and can deal with international transactions easily and efficiently without the involvement of any third party.
Isn’t that exciting!
In addition! There is a chance for Crypto users to deal with the volatile market and make huge profits in a limited time. Moreover, Crypto users can send and receive money through any currency by simply converting the Crypto coins in minutes.
If you want to try and experience trading with Bitcoin, you can use bitcoin buyer to make your ways easy.
Apart from the enormous benefits of Crypto, there are some obstacles to Cryptocurrency, and that is why it is not accepted globally. Cryptocurrency is not properly regulated, and as it deals with decentralized processes, the government has less control over it.
If the government has less control over the process, it will not be able to handle the increasing crime conducted inside this process. To ease this kind of obstacle, the Members of the European Parliament (MEPs) decided to engage in new rules regarding consumer protection, supervision, and environmental sustainability of Cryptocurrencies like Bitcoin.
MEPs are highly concerned about the environmental effect of any system. We are living in a world where our environment is already compromised by pollution. We have a huge population, and their activities are causing environmental threats.
We are leaving a heavy carbon footprint with every practice that we take in this current world. We drive cars; we use technological systems that harm the environment. Moreover, we are not even concerned about the usage of new technology and its industrial effects on our environment.
Carbon dioxide emission is a major concern for us, and thus the government is very concerned about the sustainability of the environment. Recently, there have been many practices going on to reduce the carbon footprint.
MEPs have also asked the European Commission to present a proposal regarding Crypto assets and their mining activities that can contribute to the sustainability aspects of the environment. We are using Crypto, but we do not know about its mechanism and its carbon footprint.
Digital currency and token assets are unregularized and thus are not regulated by the government. That can be a big concern for us because criminal activities can increase, and it can manipulate the whole economic market.
MEPs have asked the European Securities and Markets Authority (ESMA) to look into a detailed supervision process of the Crypto assets and the issuance of the tokens. The European Banking Authority (EBA) will be in charge of conducting this survey, and they will deliver a report within 2025.
The whole process of Cryptocurrency is currently out of the EU legislation and needs further discussion on the regulating process of this digital process.
The next step is to shape the process of Cryptocurrency and keep it under a negotiation process with the EY governments. The final shape of this improved Cryptocurrency process can provide us with a better opportunity to trust the process fully.
No matter how many facilities Cryptocurrency provides, it is still dealing with a volatile market with an anonymous nature. So, regulations in Europe and its future practices can heal the pressure the users are under.
The safety of the users is in the hands of the government, and EU governmental moves are indications of that.