The hearing of the Committee on Economic and Monetary Affairs (ECON) was a preparatory measure for the agencys forthcoming report on virtual currencies. Topics discussed included the risks and challenges posed by publicly traded virtual currencies, as well as the impact of blockchain and distributed ledger technology on which virtual currencies are based.
Panellists included representatives from the European Commission and the Organisation for Economic Co-operation and Development (OECD) as well as academics and stakeholders from the private sector.
ECON is the European Parliament committee responsible for economic and monetary union, the regulation of financial services, the free movement of capital and payments, taxation and competition policies and the international financial system.
In the wide ranging discussion, there was a general mood that the virtual currency and blockchain industry should not be overly regulated for fear of stifling the new and potentially advantageous technology.
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