The European Union has announced that they will develop a cryptocurrency legal framework. Recently, the association announced that it was realizing that there was no concerted effort between member states to deal with legal issues arising from the rapidly growing cryptocurrency industry.
European Union wants to be the global standard setter
According to the news reported by Cryptopolitan, the European Union has started working to provide a legal framework for cryptocurrencies. The legal framework of cryptocurrencies has been a topic that has been debated over the past year. The EU also recommended that all cryptocurrencies should have definitions to facilitate classifications.
The approval of the legislation will mark a new milestone in the crypto world and give the green light for the extended use of assets. The EU aims for legislation to pass before the third quarter of 2020 ends. However, as the European countries continues to fight the coronavirus, this may face difficulties and leading to delays.
Governments are positive on the digital currency space
Valdis Dombrovskis, Vice-President of the EU Commission, stated that the decision was made after realizing the lack of legal certainty to develop a solid crypto asset market. Dombrovskis said the time has come for the EU to strengthen its international position in digital finance and become a global standard setter.
In recent days, it is seen that the interest of nations and governments in the digital money industry has increased. The Boston Fed and MIT have started to work in cooperation on the digital dollar. In addition, Goldman Sachs, one of the largest investment banks in the world, announced that they will recruit more senior executives in the field of digital money. It is obvious that cryptocurrencies will see more adoption in the coming days.