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Highly Recommended: European Parliament passes a blockchain resolution (openaccessgovernment.org)

Members of the European Parliament passed a blockchain resolution by the Industry, Research and Energy Committee on Wednesday (16 May)


The resolution seeks to recognise the role blockchain can play in enhancing innovation in Europe and around the world. During the voting process, the resolution received support from 52 members, with only 1 voting against and 6 withholding their vote. However, 56 were in favour of cryptocurrencies and everybody for ICOs. A proposal for an observatory body was also adopted by everybody.

During the deliberations, Eva Kali, a pro-blockchain and crypto enthusiast member, said that it was an important moment because this was the first time a big institution such as a Parliament was discussing the regulatory framework requirement for distributed ledger technologies and blockchain.

The legislator argued that blockchains are capable of building a system architecture that would be able to advance on existing business models and design a new-value chain.

Kali highlighted that distributed ledgers were technologies with similar features and explained that the main goal of the resolution was to highlight that distributed ledger technologies were not confined to blockchain and Bitcoin alone.

She also suggested that the use of DLTs should be explored in several crucial sectors such as artificial intelligence, FinTech, healthcare, the energy sector and the government sector.

From a regulatory point of view, the legislator suggested a balanced innovation-friendly approach. She explained to the house that it was not the technology that needed to be regulated, but the uses per sector. 

References

https://bitrazzi.com/european-parliament-passes-a-resolution-to-support-distributed-ledger-technologies-and-blockchains/
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    Dean Louis Interesting debate. DLT vs blockchain, well it depends who you're talking to and what their motives are. Personally, I believe blockchain is the only way forward for the very reason that information can only be added, not altered, which by it's very nature, will prevent and or sift out fraudsters. I totally agree with the legislator, the technology is not the problem, it's the users. You know the saying, guns don't kill people, people kill people. People with bad intent will always find ways to use something created for good, for their own ends. The fact that once something is on the blockchain, it can't be changed, means that when dodgy people do dodgy things on the blockchain, it's there, undeniable and irrefutable. So blockchain all the way!
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    Francisco Gimeno - BC Analyst EU's Parliament is very proactive advising for a balanced innovation friendly approach, regulating more the sectors than the technology to scare away the fraudster and scammers and protect the investors and the citizens. The resolutions approved this week are a huge step for this. Read this to know more. Blockchain revolution in Europe.
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    • Reply
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      Luis G de la Fuente VideoEmpresas.com Yeah, scaring away some fraudsters and scammers so the usual fraudsters and scammers are the only ones allowed to take advantage of the new technology. Uh! and also some bureaucrats explaining to the market what are the uses and applications that the market should adopt, just in case the market forgets about them.
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        Francisco Gimeno - BC Analyst Indeed, we find them (fraudsters and dry bureaucrats) all around, but regulations on the use and not on the technology itself or in the crypto market itself helps the growth of the ecosystem. The new digital disruption must start working inside the old paradigm, to build the new one. We don't have to choose between reform or rupture. The reform which Blockchain brings will lead in time to rupture with the old models, but we can't change human nature. EU is considered better in the approach to the USA SEC authority.
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          Luis G de la Fuente VideoEmpresas.com "... The new digital disruption must start working inside the old paradigm" -> wrong, anything growing inside the old paradigm will inherit the old paradigm´s issues, which basically are crony capitalism (unfairness), over-regulation (big brother) and single points of failure (centralisation).
          "EU is considered better in the approach..." -> considered by who? I guess by the EU itself, which still considers itself the center of the World.
          Nation states may come up with all sort of unfair regulations, their own pathetic Blockchain projects, etc. but unless they block Internet access to the population their days are already numbered :-)
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            Francisco Gimeno - BC Analyst Nothing grows in a vacuum. The seeds of the new paradigm are already here, using the soil and water and energy from the old one. This is what I meant. EU's approach is considered better by many analysts. This doesn't mean it is the perfect approach or the unique one. It is just a pragmatic one. Blockchain as a tool has to be used by the financial institutions existent now, while other new ones will no doubt, appear and grow, totally different from the ones we live in. I agree with you about Nation states and so on, but the ecosystem's growth needs experimentation and failures to support also success. We aim not just for a new digital economy but a new social economic and financial paradigm, where we believe Blockchain to be the best tool in our hands by now, together with AI and IoT. There will problems and of course those who control now will continue trying do the same, that is why we need you and many more to be aware of the dangers and opportunities. Thanks Luis! Follow us also in blockchaintelevision.info!
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