The European Union’ ring top law enforcement agency Europol recently hosted their final conference on digital foreign currencies. According to the agency’ s launch on Wednesday, among the themes discussed this year was the using cryptocurrencies such as bitcoin in a store of value and as the best payment method.
Europol Discusses Bitcoin’ s Strong Uses This Year
Europol’ ohydrates European Cybercrime Centre (EC3) recently organized the “ 4th Virtual Currencies Talks, ” hosted at the Europol’ s headquarters in The Hague. EC3 was set up in 2013 as the EU’ s cybercrime specialist unit to help public respond to cyber attacks.
The event, which befell on June 22 to 23, aimed “ to help strengthen the fight against the assault of virtual currencies when it comes to criminal transactions and moolah laundering. ” This was quite possibly the same theme of the 3rd Aparente Currencies Conference which happened on July 14-15 in 2010.
However , nothing like previous years, Europol added other discussions to the seminar. According to the agency’ s declaration on Wednesday:
Another interesting topic protected was the legitimate use of Bitcoin technology, including the use of cryptocurrencies as a store of value, and since a payment method for authentic goods and services.
Bitcoin Industry Experts Invited
In the event that was attended by completed 150 experts from countless fields this year. Many police arrest authorities in both European countries and as a consequence non-EU countries returned, but this time around experts from the private market were also invited. Many Bitcoin companies were chosen to enroll because they specialize in “ aiding the lawful use of computer currencies by providing online turn, payment processing or pants pocket services. ” According to Europol, the industry experts that visited include Bitcoin. de, Bitfinex, Bitpanda, Bitonic, Bitstamp, Bitpay, Coinbase, Cubits, Localbitcoins, Spectrocoin and Xapo.
The announcement states the fact that “ the participants published their insights into tracking mobile number trends and the latest programs used by criminals to hide an individual’s financial tracks and spend criminal proceeds using bitcoins and other virtual currencies. ”
EU’ s Research on Bitcoin as Store of Value
The EU did significant research regarding a digital currency as a store worthwhile. Over time, their researchers enjoyed that bitcoin has as of late gained more acceptance for being a store of value.
A 2015 European Commission report outlined how bitcoin has 3 features as a store worthwhile, which differ substantially in traditional currencies. They are “ non-inflationary supply and internet security. ” The author composed, “ bitcoin is the prevention of inflation as a safe haven since government interference. ” Nonetheless as a store of value, an report noted that “ Bitcoin sensitivity to cyber-attacks and thefts reduces rely upon bitcoin as a currency so therefore impedes its growth with chances of becoming a global foreign remuneration. ”
In addition, The Financial Action Assignment Force (FATF) has stated that “ non-payment can use of virtual currencies might include store-of-value products for price markdowns or investment purposes, as in derivatives, commodities, and stock options products. ” This viewpoint has been referenced by the Around Central Bank and other might be able to.
Then in-may this year, the European Parliament’ s Directorate-General for Appliance Policies report stated that a lot of “ Once trading of the classic digital currency in exchange of sovereign currency begins, it will likely be a positive market price or currency rate. ” In addition , your report detailed “ By having digital currencies becoming more popular like a medium of exchange and additionally as a store of value, many different asset substitutions take place. People will reduce their bucks holdings as they will start to have payments with the digital have to have. ”
What do you think some of the Europol will do about Bitcoin? Let us know in the comment forms section below.
Images courtesy of Shutterstock and Europol
Need to calculate your bitcoin holdings? Check our programmes section.