- Fabio Panetta is a member of the ECB’s executive board.
- Panetta said that policymakers should be less tolerant of technology like Bitcoin.
Anonymity may be a more urgent issue for the sector as the European Union moves through with its Markets in Crypto Assets legislation. In general, it seems that the MIA program is progressing ahead. If this is done, it would greatly simplify the start-up procedure for cryptocurrency businesses looking to expand into more than one of the EU’s 27 member states. However, a different set of proposed laws that will be voted on this week threatens to make it more difficult for businesses and individuals to utilize cryptocurrency.
Should Be Less Tolerant
On Wednesday, European Central Bank’s Fabio Panetta said that policymakers should be less tolerant of technology like Bitcoin, noting the significant energy consumption required to produce new coins. European Union legislators are scheduled to debate and perhaps vote on plans to restrict anonymous cryptocurrency transactions and shut out unregulated exchanges from the financial system on Thursday. From a negotiating stage when parliamentarians offered and discussed different ideas, MiCA has reached a point where the European government’s various elements will consider the measure. Fabio Panetta, a member of the ECB’s executive board, spoke at a meeting of the European Parliament’s Economic Affairs Committee.
Panetta said:
“It would be ideal from a social viewpoint to intervene and have a less tolerant approach towards these activities.”
According to Eero Heinaluoma of Finland, a socialist EU legislator, Russia is embracing bitcoin (BTC) “as a tool to circumvent sanctions”. Members of the committee narrowly rejected legislation that would have restricted the use of currencies like bitcoin because of their ecological effect only two weeks ago. Panetta’s comments come when EU legislators are considering steps to ban anonymous cryptocurrency transactions and shut off uncontrolled exchanges.
