The European Central Bank wanted to learn as much as possible about digital currencies in order to develop the most effective system for regulating relations in the industry.
The Central Bank published a report in which it emphasized that there are currently a lot of gaps related to the regulation of the blockchain industry. The presence of such “white spots” carries great risks for the entire economy of the eurozone, since criminal structures can use cryptocurrencies.
At the end of May, the ECB released a similar study, which noted the need for a unified approach to cryptocurrency regulation.
In a new report, he reiterated his previously voiced position, but emphasized that now it is necessary to concentrate on a better analysis of the innovative asset class. It is necessary not only to learn how to analyze transactions on the blockchain, but also to introduce a mechanism to control such operations.
The most popular digital assets in the euro area are the Bitcoin , ether , laytkoin and the Bitcoin Cash , the report says. The largest volume of transactions is observed on the BTC blockchain, therefore, it is necessary to concentrate on increasing the transparency of this particular network, although it is desirable to learn how to monitor all platforms.
Once the control system is developed and tested, it is possible to connect supervisory bodies that will ensure transparency of transactions on the blockchain .
The final part of the study says that the ECB also plans to pay attention to the analysis of transactions outside the main BTC network in order to obtain more comprehensive information on the extent of use of the coin.
Publication date 08/07/2019
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