Throughout the previous decade, cryptocurrency has been the topic of unprecedented attention. The technology is actually promoted as a way of information verification, supply-chain monitoring, and fraud management. Unlike traditional values, cryptocurrency is stored electronically and it is accepted simply by individuals like a medium of exchange.

A couple of years ago, exclusive companies began to explore the application of blockchain for people who do buiness applications. These companies included the Linux Foundation, which will created Hyperledger, and R3, that leads a large consortium that designed Corda. A lot of large cryptocurrency networks have begun to research the use of proof-of-stake algorithms.

While there is a growing desire for cryptocurrency accept cryptocurrencies regulation, the EU legal system hasn’t yet developed any construction that will shield users’ hobbies. Some EUROPEAN UNION Member Says treat cryptocurrency like a foreign exchange, while others control its use to banks and securities companies. This could influence the growth of the crypto market.

A functional group was created inside the EU to go over the legality of cryptocurrency. This group was later supported by the European Parliament. It suggested creating a construction to deal with the various problems related to the cryptocurrency market.

The Euro Council issued a decision in February 2016, stressing the importance of making changes to EU legal guidelines. It reported the three current frameworks as a method of answering research issues. Using these types of frameworks, the significant group produced a new construction. This platform suggested that crypto industry was not well-regulated and suggested the potential for the currency to work in The african continent.