The European Parliament Says Digital Currencies Can Be Used as Money

[abojamal]

Hi guys
What does this news mean?

https://usethebitcoin.com/the-european-parliament-says-digital-currencies-can-be-used-as-money/

Wait for your responses

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[stompix]

It means nothing...

“Digital currencies, also known as ‘virtual currencies’ or ‘cryptocurrencies’ can be defined as ‘a digital representation of value, not issued by a central bank, credit institution or e-money institution, which in some circumstances can be used as an alternative to money.”

They've also added this:

“The arrival of permissioned cryptocurrencies promoted by banks, even by central banks, will reshape the current competition level in the inter-cryptocurrency market, broadening the number of competitors. ”

In summary, they say cryptos "can" be used as an alternative to money.
But the European Parlament, unfortunately, has no jurisdiction over this matter in the EU, they can't force a country to accept any other method of payment than the euro or their national currency.
It's up to the parliaments of the EU members to vote this for their internal legislation.

So..its just words.

[KingScorpio]

Hi guys
What does this news mean?

https://usethebitcoin.com/the-european-parliament-says-digital-currencies-can-be-used-as-money/

Wait for your responses

now lets see weather we can decrease the power of the supper rich when they will pump billions into the market to corrupt themselves to the top

[Don Pedro Dinero]

It means nothing...

Yes, in some cases even a stone can be used as a currency. I think that statement is just a description of what happens, rather than a legal enforcement.

[mohammedmattar]

It means nothing...

“Digital currencies, also known as ‘virtual currencies’ or ‘cryptocurrencies’ can be defined as ‘a digital representation of value, not issued by a central bank, credit institution or e-money institution, which in some circumstances can be used as an alternative to money.”

They've also added this:

“The arrival of permissioned cryptocurrencies promoted by banks, even by central banks, will reshape the current competition level in the inter-cryptocurrency market, broadening the number of competitors. ”

In summary, they say cryptos "can" be used as an alternative to money.
But the European Parlament, unfortunately, has no jurisdiction over this matter in the EU, they can't force a country to accept any other method of payment than the euro or their national currency.
It's up to the parliaments of the EU members to vote this for their internal legislation.

So..its just words.

Sorry, let me disagree with you
The European Parliament is mainly composed of elected members
In the sense that it reflects the image within their own countries
That is, they are not isolated from the views of their countries
I see a strong signal in the positive direction

[NeuroticFish]

I see a strong signal in the positive direction

It is a strong signal indeed, however, as others said, it has no legal value in any country as long as the countries don't have their laws adapted to encapsulate this.
Also Germany has already given such signal, so .. that step is already done.

So for now, indeed, it doesn't mean much.

[Harlot]

That is a great way for the European Union to finally clear the way of the usage of cryptocurrencies in the Europe. Actually even before this some european countries are accepting Bitcoin and other cryptocurrencies as a mode of payment, I haven't seen any news lately about how this countries see Bitcoin as a illegal form of payment. The EU tackling this issue is finally putting some kind of standard or a go signal for countries who are willing to take advantage of the blockchain technology plus their words are sort of binding when it comes to international law.

[jseverson]

Sorry, let me disagree with you
The European Parliament is mainly composed of elected members
In the sense that it reflects the image within their own countries
That is, they are not isolated from the views of their countries
I see a strong signal in the positive direction

I think what he meant to say was that the statements weren't legally binding. I wouldn't go as far as to say they're completely useless, but as far as formal policies go, they actually are.

I'm personally happy about this because it's much better than the alternative of outright opposition (like we need more of those lol), but yeah this doesn't really mean crypto can be used everywhere in the EU countries, as others may be thinking.

[Lucius]

European Parliament is an institution with 750 directly elected representatives ( each EU county have elections ), which makes the legislative authority of the European Union. This opinion is just their stance toward cryptocurrency, but each member country should adopt laws for itself as Germany did some time ago, and as Malta is doing in recent months. In EU, Council of the European Union usually brings laws and European Parliament gives its approval, furthermore I think that each of these laws must be passed in national parliaments.

Since Germany as the most influential member of the European Union has very positive attitudes and good regulation regarding cryptocurrency, this position of the European Parliament is expected. I personally see it as a positive signal to the member states when making local laws and regulations.

[abojamal]

European Parliament is an institution with 750 directly elected representatives ( each EU county have elections ), which makes the legislative authority of the European Union. This opinion is just their stance toward cryptocurrency, but each member country should adopt laws for itself as Germany did some time ago, and as Malta is doing in recent months. In EU, Council of the European Union usually brings laws and European Parliament gives its approval, furthermore I think that each of these laws must be passed in national parliaments.

Since Germany as the most influential member of the European Union has very positive attitudes and good regulation regarding cryptocurrency, this position of the European Parliament is expected. I personally see it as a positive signal to the member states when making local laws and regulations.

I agree with you completely
The signal is very good and elected members of parliament do not speak on their own
Germany's explicit move would have a positive impact with the European Parliament's signal
But some young people here are hasty and want to quickly recognize of world in cryptocurrencies

[stompix]

It means nothing...

“Digital currencies, also known as ‘virtual currencies’ or ‘cryptocurrencies’ can be defined as ‘a digital representation of value, not issued by a central bank, credit institution or e-money institution, which in some circumstances can be used as an alternative to money.”

They've also added this:

“The arrival of permissioned cryptocurrencies promoted by banks, even by central banks, will reshape the current competition level in the inter-cryptocurrency market, broadening the number of competitors. ”

In summary, they say cryptos "can" be used as an alternative to money.
But the European Parlament, unfortunately, has no jurisdiction over this matter in the EU, they can't force a country to accept any other method of payment than the euro or their national currency.
It's up to the parliaments of the EU members to vote this for their internal legislation.

So..its just words.

Sorry, let me disagree with you
The European Parliament is mainly composed of elected members
In the sense that it reflects the image within their own countries
That is, they are not isolated from the views of their countries
I see a strong signal in the positive direction

Yeah, it is composed of elected members (not mainly)  but that means nothing.
Let's say Germany, France etc all the western group votes for and the Visegrad countries against.

Do you think the views of the majority will be imposed? No, that's not how the EU parliament works.
When it comes to the financial sector, all the parliament can do is guidelines, like the 3% deficit margin, they CAN'T impose a country anything when it comes to this.

Only the Economic and Financial Affairs Council, (not to be confused with the Economic and Financial Committee, lol) can with a unanimous vote impose regulations in the EU area regarding financial matters.
But since it's a unanimous vote is clear everyone agrees 

[hugeblack]

This news cut from news from another article. source --->https://www.torial.com/en/satoshi.nakamoto/portfolio/345465
In short, It speaks of a report of the European Parliament as follows

Furthermore, cryptocurrencies are thought-about revolutionary and disruptive. They function in a decentralized means they don't have any participation or supervision by any central authority, and no central financial institution controls the system.
One other vital factor they talked about is expounded with rules. They admit that it's difficult and it's a difficult subject to debate. Along with it, the European Authorities are nervous in regards to the focus of mining operations in non-European international locations.

In other words, as long as a large part of the mining operations are outside the European countries [They can control it by imposing mining regulations], it is difficult to manage those currencies and therefore difficult to accept.
Also, those coins can be used to be devastating/disruptive.

[DrYe5]

Now we need for some changes cause only words cannot make any difference on our market, there should be some moves which will make the prices go up or which will "tell" to new investors that those projects are not scam and they could put some money in them.

[ChainFish]

EU parliament just agreed that virtual currencies can be used as money but their members haven't yet voted for it rather they are still trying to regulate it as it is "decentralized and disruptive" in nature. So, first they need to come up with a good framework to regulate cryptos and majority of the members need to vote for it. Then it will mean something.

[MegaDots]

There is a still a long way for EU parliament to fully accept digital currencies as the way it is right now. Without the acceptance of majority of the members of the parliament they cannot still take decisions in favor of Bitcoin. But, definitely in the future it is possible as a lot of European countries are trying to adopt to cryptos right now.

[WaterSeal]

If I haven't misunderstood then European Parliament is just accepting the fact that cryptocurrencies have a future though they haven't made a decision regarding this. To come to a decision to legalize cryptos among all European countries, the members of the parliament need to step up. But, their seems to be a lot of possibilities for it to happen in the future.

[stomachgrowls]

It means nothing...

“Digital currencies, also known as ‘virtual currencies’ or ‘cryptocurrencies’ can be defined as ‘a digital representation of value, not issued by a central bank, credit institution or e-money institution, which in some circumstances can be used as an alternative to money.”

They've also added this:

“The arrival of permissioned cryptocurrencies promoted by banks, even by central banks, will reshape the current competition level in the inter-cryptocurrency market, broadening the number of competitors. ”

In summary, they say cryptos "can" be used as an alternative to money.
But the European Parlament, unfortunately, has no jurisdiction over this matter in the EU, they can't force a country to accept any other method of payment than the euro or their national currency.
It's up to the parliaments of the EU members to vote this for their internal legislation.

So..its just words.

True, anyone can say such thing but it always end up to be debatable yet there would really be oppositions if they would tend to implement it.
It had been said for how many times that virtual or cryptocurrencies could be used as money but even up to these years of existence that presumptions wouldnt end up to have a conclusion.
Therefore those words wont really justify something but rather would stay imaginary.

[Spaffin]

Hi guys
What does this news mean?

https://usethebitcoin.com/the-european-parliament-says-digital-currencies-can-be-used-as-money/

Wait for your responses

This is a very good statement by the European Parliament for the future of the crypto currency. It is very valuable for decentralized crypto currency and creates the prospect for, the introduction of the same position in specific countries of the European Union. The European Parliament actually gave the highest assessment to the decentralized crypto currency, pointing out that it can be used in the EU countries as alternative money along with national money.

[Tertion]

Great! I think they mean that people can use crypto as alternate of money. That’s will effect good on crypto. But that’s still don’t give clear view about cryptocurrencies.

[Hince1999]

Though it is just a word by the parliament, it gives hope to crypto enthusiasts but it is not any legal action. Europe is thinking very intense about the cryptocurrency that will bring a new era that spread cryptocurrency more.