Is the European Economic and Social Committee Blocking Blockchain Adoption?

European Economic and Social Committee

The and Committee (EESC), a consultative body of the European Union, maybe cleverly blocking blockchain adoption as per a recent report.

According to
observers, the EESC is both bullish and bearish of blockchain-based products
such as cryptocurrencies. On the positive side, an EESC member noted that
blockchain technology could not be wished away.

For example,
Giuseppe Guerini, a member of EESC, said that the technology could be compared
to the early printing press.

Guerini explained:

“The first book to be printed was the Bible. Now, imagine if people had equated the printing press with a means capable of printing only Bibles. That would have been inaccurate because printing technology revolutionized life in Europe.”

Further, the outlined possible areas that blockchain could bring a revolution. In the list, for example, EESC included tracing fundraising and donations and enhancing the governance of social economy organizations. Blockchain can be applied in authenticating activities, certificating skills, ensuring secure e-care system and tracing agricultural products.

Blockchain Is Prone To “Speculation and Hoarding”

Unfortunately,
the European Economic and Social Committee have some reservations. The group
fears that blockchain is “subject to
speculation and hoarding
” by a few individuals.

Surprisingly, EESC is ready to hinder the adoption of blockchain due to its effects that don’t favor the traditional finance.

According to
Guerini:

“We [EESC] don’t want to see a digital divide that creates more inequality and injustice. We don’t want to see a new elite emerging, of people who are familiar with the new technologies and end up excluding others from the economy and the market.”

In addition,
the report noted that its borderless nature requires supervision from
regulators in the European Union so that they can “coordinate efforts.” That’s besides, “the large investments required a call for coordinated, structured, European
action
.”

Additionally, the European Economic Social Committee suggested that public measures must be adopted to aid in its development plus the “involvement of civil society is imperative.

What of the “Elites”?

As it would be expected, cryptocurrency enthusiasts fired back with rage. On social media platforms, the enthusiasts noted that the traditional finance system has already created elites. Consequently, the elites have “already excluded others from the economy and the market with accredited investor requirements, and large banks are canceling customer accounts for transferring to exchanges, or any other roadblock.”

Solarguy2003,
a Redditor, said:

“So, what is their (EESC) preferred outcome? Turn the economy into a communist sh** hole where we’re all equal because we all get 80 bucks a month to live on? Or just a bigger ‘better’ version of what we have now, where the 2 percent own an enormous slice of the pie? They don’t want to give their power/relevance.”

In April 2018, EU jointly formed the European Blockchain Partnership (EBP). Consequently, the EBP would help the to “cooperate in the establishment of European Blockchain Infrastructure (EBSI) that will support the delivery of cross-border digital public services, with the highest standards of security and privacy.”

Earlier, in Feb 2018, the European Commission launched the EU Blockchain Observatory and Forum. In a tweet, the EU Commission noted that “the EU Blockchain Observatory and Forum…should become one of the world’s most comprehensive repositories of blockchain expertise.”

Top 4 European Countries Ranked by Cryptocurrency Adoption

TheMerkle Zodiac Cryptocurrency Exchange

When it comes to determining the popularity of cryptocurrencies in Europe, it seems things are not looking all that great. For some reason, the continent has not seen much cryptocurrency-related activity, although things are not as dire as one might think. A new by confirms several note decent adoption rates in this regard, albeit there is still a very long way to go.

Switzerland Tops the Chart

Not too many users and enthusiasts will be surprised to learn that Bitcoin and other cryptocurrencies are gaining some traction in Switzerland. Unlike most other countries in Europe, Switzerland has some form of cryptocurrency regulation which seemingly allows the industry to thrive. Especially the Zug region has become of great interest in this regard, albeit it remains to be seen if similar activities will gain a foothold in other parts of the country. 

As part of the BitPanda survey, it seems that 7% of internet users taking part in this questionnaire own or hold any cryptocurrency in this day and age. Interestingly enough, 14% of asset in the country also own cryptocurrency, which seems to indicate speculators and investors are diversifying their holdings accordingly. Zurich is also one of the most popular cryptocurrency cities in all of Europe, which only makes the importance of this region even more apparent. 

Austria Isn’t far Behind

Considering the relative proximity of Switzerland and Austria on a map, it is not abnormal to see both countries note similar interest in Bitcoin and altcoins. BitPanda’s survey confirms 7% of internet users own cryptocurrency, which is on par with Switzerland. Additionally, 12% of asset holders own cryptocurrency, which is worth keeping an eye on as well. With Wien being in the 5 of major cities across Europe as well, the country is cementing its position in the industry.

Turkey Remains Relevant

Despite all of the political turmoil in Turkey throughout the past few years, it seems the overall interest in Bitcoin and other cryptocurrencies has not diminished all that much. In fact, Turkey is a very prominent region in Europe as far as cryptocurrencies are concerned, with 6% of internet users apparently holding some crypto. Twelve percent of asset holders own Bitcoin or altcoins as well, which is a prominent sign of growth. Sustaining these levels will hinge on whether the government decides to create any regulation in the near future.

Romania Inches Ahead

Romania has always been an interesting country, for a wide variety of reasons. One of the keys to its success in these rankings is the ever-growing freelancer community. When dealing with domestic and international clients, cryptocurrencies make for a more favorable payment method. This explains why 6% of internet users hold crypto, and 14% of asset holders do so as well. This further confirms Romania is doing its part to bring cryptocurrencies to the masses, albeit there is still a lot of room for improvement. 


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.

Image(s): Shutterstock.com

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