The Legal Platform for Cryptocurrency and Business Applications

Throughout the previous decade, cryptocurrency has been the subject matter of unmatched attention. The technology continues to be promoted as a means of id verification, supply-chain monitoring, and fraud managing. Unlike traditional foreign currencies, cryptocurrency is stored in electronic format and it is accepted by individuals like a medium of exchange.

A couple of years ago, privately owned companies started to explore the utilization of blockchain for business applications. These companies included the Cpanel Foundation, which usually created Hyperledger, and R3, which leads a large consortium that designed Corda. Several large cryptocurrency networks also have begun to explore the use of proof-of-stake algorithms.

While there is a growing need for cryptocurrency regulation, the EU legal system have not yet produced any construction that will look after users’ interests. Some EUROPEAN UNION Member Says treat cryptocurrency like a foreign exchange, while others minimize its use for banks and investments companies. This might influence the expansion of the crypto market.

A working group was created inside the EU to go over the legality of cryptocurrency. This group was down the road supported by the European Legislative house. It advised creating a structure visit site to cope with the various concerns related to the cryptocurrency market.

The European Council given a decision in February 2016, stressing the importance of making changes to EU legal guidelines. It described the three current frameworks as a means of giving an answer to research concerns. Using these types of frameworks, the working group developed a new platform. This platform suggested the crypto marketplace was not well-regulated and advised the potential for the currency to work in Africa.