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Check out our latest newsletter. Europe has always been an odd region when it comes to financial innovation. Bitcoin has the potential to unify the European Union in this regard, although there is still a lot of work to be done. The digital currency space need to evolve at an accelerated pace especially in the Scandinavian region. Even though Scandinavian countries have turned into cashless societies, it is unclear why the Bitcoin penetration in these countries is virtually invisible.
France was among the first few countries to embrace Bitcoin, but things have changed over the past couple of years. Not sure how she’d have gone about it considering the nature of Bitcoin, it allows the currency to stay decentralized. Whether it be the adoption rate or Bitcoin regulations, overall it appears that Europe continues to lag behind so far as Bitcoin is concerned. Narrowing down to a possible reason why this is the case is not easy.
It is likely the culmination of various reasons why Bitcoin is not doing so well in Europe. The financial situation of Europe has been tumbling off late. Considering the slowdown in the economy, instead of working towards the regulations that favor Bitcoin, European Union is looking to tighten the digital currency rules by the end of this year. The Juncker Commission’s ten priorities: State of play at the start of 2017’ includes digital currencies for the first time as part of the Commission’s anti-money laundering efforts, which is a priority the Commission hopes to deliver by the end of 2017.
The amendments in the report seek to reduce anonymity surrounding digital currencies including bitcoin. At the same time, in order to prevent money laundering and terrorist financing, EU is also working towards identifying the Bitcoin users. EU legislation that should no longer be justified. To keep pace with evolving trends, new measures to improve the existing preventive framework are needed.