Late last year, the European Commission leaked a set of rules proposing an all-encompassing set of regulations covering the trading or issuance of digital assets across the 27-nation bloc. What is the most significant part of these rules in terms of impact on the crypto industry?
The European Union said it wants to “ensure that the EU embraces the digital revolution and drives it with innovative European firms in the lead.,”
What they actually mean is that they want to lead the financial digital race and leave everyone else eating their dust including Asia and the US.
They are making huge financial allocations to compete in the blockchain and crypto industry. To the EU-based tech community, how does it feel knowing your government’s got their backs?
If there is anyone who needs to be concerned, it’s the US. while Asian countries don’t necessarily have the backing of their governments, policies are being put in place to encourage the growth of “the internet of money”.
India is the leader in real-time payment, China is already developing the digital Yuan, and Japan is already starting on their government-backed crypto currency.
The U.S. needs to hurry.
Cryptocurrency is done being a potential. It is now mainstream.
With the EU’s announcement, nations and regions moving in the same direction as EU will start working with the EU. Meanwhile, US is getting left behind.
If we want to protect our status as the reserve currency of the world, we need to evolve, fast.
Some already see it and are adopting it, such as the U.S. Congressman Tom Emmer (R-Minn.) who held the first crypto town hall a few months ago.
The EU regulations draft should accelerate the desire of lukewarm or disinclined U.S. elected officials from both parties to begin to challenge themselves to understand the crypto space.
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