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Report: EU parliament agrees to hold off framing regulation on blockchain

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Report: EU parliament agrees to hold off framing regulation on blockchain

The EU parliament's economic affairs committee agreed thatthe EU should hold off on regulating blockchain, Reuters reported April 26.

"We don't want pre-emptive regulation, but we do wantprecautionary monitoring," Jakob von Weizsäcker, a member of the EUparliament, told the newswire.

Weizsäcker presented a report on virtual currencies andblockchain, which proposes the launch of a task force to monitor thedistributed ledger technology that underpins bitcoin and suggest regulationsfor the future, if needed. The report noted that any legislation should not beheavy-handed as the technology presented significant opportunities, Reutersnoted.

Although the report is not binding, it will help to frameany future EU legislation on blockchain, the newswire added.