EU legislation requires cryptocurrency

EU legislation requires cryptocurrency

World September 7, 2018 21:00

vienna (anp) - Cryptocurrency, such as bitcoin, does not pose a major risk to financial stability in the EU because of its small size, but consumers and investors need to be better protected against the risks of the virtual money system.

The EU finance ministers are also concerned about misuse of the system, such as fraud and money laundering.

That turned out Friday after an informal meeting of EU ministers in Vienna, where the phenomenon with experts was discussed.

According to the Austrian chairman, Hartwig Löger, European legislation is needed. A number of Member States are already working on regulations that threaten a patchwork of different rules in the EU. Austria is the EU's chairman for six months until 1 January.

EU Commissioner Valdis Dombrovskis (financial stability) prefers global regulation of the phenomenon, but in the absence of it, Europe needs to take action, he says.

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