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European Parliament and the European Commission Talk Blockchain


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Key takeaways and quotes:

The European Union is well aware the amount of public interest Blockchain has generated and many of its members have taken the view that they will work to understand the technology better and its real world applications, in order to help enable the technology. All things considered, I think the approach the EU is taking is very positive and will aid blockchain's development


"It's probably too early to intervene at this stage, because we as legislators don't yet see sufficiently clearly to know what the main issues are going to be – so in order to not to stifle innovation, we don't want it to be now." -Member European Parliament Jakob von Weizsäcker


The subject of liquid democracy came up often, culminating in the question, "What will the role of politicians be?". One commentator remarked on the irony of a disruptive technology that, rather than generating chaos, adds stability.

"We can’t legislate the technology, but we can legislate the uses." Member European Parliament Eva Kaili



Lastly, the subject of bitcoin as a new form of money was broached, as was the question of whether it – or something similar – would ever replace the fiat currencies we know today.

Von Weizsäcker was notably noncommittal on that front. He did, however, make an observation that cryptocurrency enthusiasts are familiar with, but that was unusual coming from a politician.

He stated:

"What is a currency really? It's a ponzi game."



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