European Parliament Voices Doubts and Concerns During Blockchain Debate

As of October 2nd, 2018, the European Parliament has joined together in Strasbourg to engage in a debate. One of the main discussions on the agenda seems to be blockchain technology, since MEPs are still unsure of how to start getting involved in their government’s needs. Since the benefits appear to be the ability for the authorities to collect taxes or offer benefits with greater ease.

According to the BBC, this discussion was first opened when the European Commission was questioned on how they were planning to maintain “legal certainty” for the use of blockchain. Based on the information available, there are a few different views from the MEPs to interpret the right tactic for integration.

Everyone has a different opinion. For example, Romania’s Cristian-Silviu Busoi and France’s Chistelle Leechavalier are on the same side of the debate, saying that the nascent technology needs to have more development and maturation before regulatory decisions are ready to be made. By take on regulations in this area of the industry too soon, it would “prematurely” stop blockchain from making additional progress.

Italian MEP Dario Tamburrano has a more stringent approach. There is no need or desire to hamper the innovations that the blockchain industry needs, but the EU needs to prevent themselves from entering a situation where they “lose control” of the technologies and will have to postpone legislation until the timing is right.

Lithuania’s MEP, Antanas Guoga, sees blockchain technology as an innovative effort that is “here to stay.” It seems that he is implying that politicians have this small window that they can get involved with blockchain technology, and it would be wise to get involved now, rather than waiting until it is too late to benefit. He said that the regulation of blockchain is unnecessary, though he was not clear on the action he thought the other members of the EU should do.

Even though the opinions on how to introduce blockchain, how to regulate it, and whether the EU should do anything at all are varied, it is a conversation worth having now. The Digital Single Market Commissioner Andrus Ansip seems encouraged by the fact that blockchain is in the middle of the discussion. He does not believe that the technology will be a magical cure-all for any issue in society, but it “cannot be overlooked.”

By the end of the day today, there will be a non-binding vote for the European assembly. If that vote is victorious, the Commission will be required to provide a more informative update about the blockchain industry, as it correlates with Europe.

Still, based on the current information available, the EU does not seem close making any regulations regarding the technology. Some believe that they might want to follow the path of Switzerland, where officials and regulators are creating a healthy atmosphere for growth in the industry.

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