European Commission Vice President: Crypto Are Here to Stay




Vice President of the European Commission Valdis Dombrovskis recently claimed that “crypto-assets are here to stay” and “despite the recent turbulence, this market continues to grow. “

At a meeting of Economic and Financial Affairs Council (Ecofin) in Vienna 7 September 2018, the European Commission discussed the future of cryptocurrencies.

In his speech, Dombrovskis stressed the necessity to “categorize and classify” crypto assets, in order to guarantee a healthy growth of the market.

The Commission has already teamed up with European Supervisory Authorities to develop a mapping of crypto assets and to provide a solid ground to build on and to decide on further steps in this area.

The Vice President also spoke about the importance of the ICOs as a new way of financing:

“In particular initial coin offerings, or ICOs, we see they have the potential to emerge as a viable form of alternative financing. Already last year, ICOs helped raise over 6 billion dollars in funding and this year this figure will be substantially bigger.”

As reported by BlockchainFlashNews, a recent report from the European Parliament’s Committee on Economic and Monetary Affairs, defined ICOs as “an excellent funding stream for tech start-ups.”

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