Bitcoin Foundation Involves With EU - Essay Example

After only 2 years, The Bitcoin Foundation has retained Monica Monaco. This will assist the team to establish working relationships with various political leaders in the European Union.

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Monica Monaco is the managing director and founder of TRUST EU, which is a Brussels based company specialized in advising clients regarding EU legislative related initiatives.

Monaco was settled Brussels for the last 11 years and has also managed to maintain an impressive network of connections. She also has extensive knowledge of the payment systems, consumer credit and e-commerce as it applies to the EU policy.

The European Union is known by everyone for being the largest economy in the world at present. It is promoting that Bitcoin is essential and contributes majorly to its success.

Jim Harper from Global Policy Council for Bitcoin Foundation had an interesting take on the foundation’s expansion.

He said that the formation of the new European Parliament and Commission makes it the perfect time to involve with Brussels. He indicated that the foundation, because of its experience in the US, will educate policymakers about the digital currency and also share Bitcoin’s proud achievements.

The foundation’s involvement with Monica Monaco definitely opens a lot of options for them. She spent many years as a Senior Manager for EU Relations and Regulatory Affairs when she was working for VISA’s legal department.

Her position meant she was responsible for VISA Europe’s relations with the European Commission, the European Council Working Group on Financial services and Parliament. Her extraordinary experience with the European Union government will add a lot of value to the Bitcoin foundation. She has also worked with agencies in different national governments too.

The Bitcoin Foundation was established back in 2012. The foundation had many goals but an important aim was to inform lawmakers and regulators about the crypto currency. They would use a combination of public comments, private meetings and expert testimonies to do so. They also planned to establish Bitcoin as a renowned and widely accepted financial technological innovation, which they successfully did.

The recent collaboration with TRUST EU has opened many paths, which will assist the Bitcoin Foundation to multiply its programs and expand towards the European market.

However, the foundation’s work in this matter seems restricted. European regulators have declined to occupy any real position on Bitcoin repeatedly. This means that the decision is up to member nations.

Because all these nations use the Euro as currency, the court systems often find themselves amid conflicts and jurisdictional headaches.

It was proposed by The European Banking Authority in July that Bitcoin should be regulated. Financial institutions were also advised to dodge these currencies until regulations could be finalized.

The Bitcoin Foundation has numerous affiliates in countries like Mexico, Bangladesh, Argentina and Canada.

Such groups act as not only as educational resources, but they also behave like self-defense mechanisms. This is done by combatting the ignorance that surrounds digital currencies.

The Bitcoin Foundation works very hard to change the situation. They are hopeful that their involvement with the European Union with be beneficial for all.