The European Banking Federation (EBF), a group representing banking groups, recently released its vision for a digital revamp of the banking system. Included in its proposals are several recommendations to policymakers regarding Bitcoin and the blockchain.
The group points to the blockchain as an innovation that provides a number of interesting opportunities both for financial institutions individually and for the collective ecosystem.
The EBF proposal states that Bitcoin should be regulated through the development of a comprehensive regulatory framework and the application of existing anti-money laundering statutes to digital currency transactions. It also recommended further research into the technology so ongoing evaluations of rule-making can be made.
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