EU Lawmakers on Crypto Regulation and its Wicked Problems
Parliamentary discussions in the European Parliament in Strasbourg earlier this week revealed that EU politicians are still looking for common ground when it comes to the regulation of blockchain and cryptocurrencies.
As reported by Cryptonews.com, the EU is analyzing areas such as smart contracts, initial coin offerings, crypto assets in order to decide whether legislation is needed.
During the recent discussions, advocating for a laissez-faire approach to regulation were Romanian Cristian-Silviu Busoi and French Chistelle Leechavalier. The MEPs believed that blockchain technology must be given time to develop and mature before any decisions are made pertaining to regulation. Busoi, on his end, went as far as saying that regulating the industry now would certainly hamper innovation.
“The future competitiveness and capacity for innovation of European industry could be closely related to the adoption and implementation of distributed ledger technologies. Sectors such as energy, food, health, transport and manufacturing could be significantly reshaped by these emerging technologies,” Busoi said. He also added that, in his opinion, the technology of smart contracts is not mature enough to be considered legally enforceable.
Meanwhile, MEP Eva Kaili has announced "that blockchain has united this House, as all the parties in the Committee on Industry, Research and Energy (ITRE) voted in favour of the resolution under the principle of being technology neutral and innovation friendly in Europe."
"One of the core messages of our text was to signify that the European Union aspires to become the global leader in the fourth industrial revolution," she said.
However, MEP Miapetra Kumpula-Natri later stressed that there are “wicked problems" related to the Distributed Ledger Technology (DLT):