Bitcoin Forum

It seems that the European Union decided to go soft on digital currencies.

Reuters (http://www.reuters.com/article/us-eu-bitcoin-regulations-idUSKCN0V32A3) says:


EU says to monitor, not regulate 'hyped' virtual currencies

"The European Union will monitor rather than regulate "hyped" virtual currencies for now, because too little is known to justify new rules beyond reining in specific risks like money-laundering, the body's executive said on Monday.

The world's 600 virtual currencies are tiny, with bitcoin alone accounting for 90 percent of the $7 billion sector, compared with daily turnover of about $5 trillion on global foreign exchange markets.

Virtual currencies are traded online and not backed by a central bank. The collapse of bitcoin exchange Mt. Gox two years ago raised concerns about consumer protection in a largely self-regulated, experimental sector."

Is this news a result of this (https://bitcointalk.org/index.php?topic=1340435.0) meeting?

As I've said in the other topic, I don't like it when the EU discusses Bitcoin, but I have to admit they're having a good attitude towards it

Hey, wait! Let' not rejoice, yet. We don't know the difference between monitoring and regulating. It might not be a big one. Anyway, that meeting proved useful to show that all noise about BTC being used by terrorists, or for money laundering, is just that: noise. There are no proven facts.

I find this to be great news.
Even though the difference between monitoring and regulating might not be much, as the previous post mentions it is a breath of fresh air for european based startups

As far as I understood, the monitoring means that they will be investigating suspicious transactions e.g. suspected for being involved in terrorism.

Also, they are training digital forensics teams now, that can for instance hunt down tor users and follow bitcoin transactions and ip adresses.

It is good news, as basically everybody already knew that they were doing this monitoring thing.

...

If this means that buying BTC will be easier in Europe than in the USA, I will convince my wife that more trips to Paris and Germany are in order.  I'll bring the CA$H and/or debit cards.

:)

PLEASE keep us all up to speed re developments in BTC over there in Europe.

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Are many merchants starting to accept BTC in Europe? 

That would be good to know as well.

Hey, like it or not, some regulation and monitoring will happen and we should just accept it. The governments has a obligation to protect their citizens against terrorists and/or consumer protection against fraud and scams. So I agree with their views on that.

The positive thing about this is, the door was left open for discussion and further investigation. They could have just closed the door and forced the current financial systems down on us and they did not do that. Let's just enjoy the small steps we are taking towards a better Bitcoin future. 

Europeans are good in forum activities than other Continent people. Now this time it would make them grow smoothly without any disturbance over the market. It seems to be a good startup as you said, the reason behind that it has got growing number of users than rest of the world countries. So one willing to take leadership will achieve greatness

Also saw that London taxicabs will soon be accepting Bitcoin :) not sure how they are set up across the pond but here in the US it's a monopoly between a few companies.

http://www.coinfox.info/news/persons/4569-london-cab-driver-all-taxis-will-accept-cryptocurrencies-in-the-near-future (http://www.coinfox.info/news/persons/4569-london-cab-driver-all-taxis-will-accept-cryptocurrencies-in-the-near-future)

These indeed god news Europe is a big market and it has an over all impact on the bitcoin system,although I live in the Asian region i can perceive this as something positive in the community,
Hopefully all regions will follow their leads

There are two problems with taxi fares. One is the risk of theft of cash. Taxi drivers are constantly at risk when they carry bags of cash. This is especially true in the provinces, and there have been many instances of theft at knife-point. The other problem is one for the government, taxi drivers traditionally receive a tip, and the revenue department has difficulty in monitoring this. I read that article as requiring taxi drivers to accept credit card payments. The Bitcoin element resulted from the use of secondary services.

The government is also attempting to force lay-by ( roadside ) food vendors to restrict sales solely to credit card customers. This will affect some itinerant people and some single people on low incomes, as they do not have credit cards.

Even if there would be some form of regulation, that would be acceptable IMO as well.

Scammers and ponzi pumpers are the biggest peril of cryptocurrencies. People who make money in a legit way have nothing to fear.

That thinking is the start of bitcoin becoming the next government controlled currency ;)

In all seriousness, I agree with you. Criminals have been running wild with bitcoin for far too long. It is time they start paying for it.

To me there is not so much difference between the words regulate and monitor when a EU institution is talking. I don't want neither regulation nor monitoring from them.

as long as they do not hinder the adoption of bitcoin i'm fine, regulation can bring more adoption, so they cna even regulate it for what i care

but too much regulation would kill the point of decentralization i think...

bogus regulatory bodies lol

I really like how this went as their now seem to be of a good observer type then act as opposed to before to act and observe type so it's really nice what was their side specially for Olivier Salles and Jakob von Weizsaecker. It's showing their understanding the technology little by little and their only concern is regarding terrorism financing in which it has been the debate for quite some time now and would be interesting to see what they will do regarding this matter by next months regulations.

I cant speak for anyone else bit I couldnt care less about the

outcomes of these meetings where i suspect most of the

attendees to suffer from extreme flouride poisoning and

different stages of Alzhiemers

http://imagizer.imageshack.us/a/img910/6019/ug1n3e.gif

Well the politicians will just stay away for now but if the prices go above $1000 they will want to regulate cryptos to make us pay taxes.

It's OK news, nothing special. At this point the digital currencies aren't that big of a threat to them so it doesn't bother them much. But look what will happen when these currencies start to take over precious market share of fiat. :D That's when they will come to action.

i just think this is good news and bad news too ;D
if consumer protection in a largely self-regulated applicated,i am worry about small trader who ask protection from goverment,that they lost or scammed by exchange,and it just losing $1 or $2 :D

If I had to chose between Bitcoin being regulated or Bitcoin being banned, I would definitely go for a little regulation.  ::) There is a fine line between

fair regulation and over regulation. I think the BitLicence in the USA were a bad move on their part and they killing the little guys. The licences are so

expensive, most innovators cannot enter the field without help. Great ideas and Killer Bitcoin applications might just die a silent death, because

people could not afford the licences. Europe just have to keep away from following the same path and making the same mistakes.

agreed.  It is OK news.  It is better than last month or two when they were suggesting legislation and regulation. 

It is good news. However, I somewhat get a feeling that they are doing this much of ignoring crypto, as if they were not all that important. Let'see how things keep going on.

Yes, Europe seems like a good place to have crypto.

Yeah i think it came out of a meeting yesterday of the monetary committee.  I have to agree that europe has had a fairly reasonable view on bitcoin and the like compard to say russia.

Well then I suggest the governments to have a very close look on the big banks!!!!
Money laundering, massive fraud and scamming, tax avoiding are all fields in which banks are highly skilled and always involved!!!!!

This is there opinion now besides that can change what they are thinking. For now good new let's see what the future will bring us.