The Legal Structure for Cryptocurrency and Organization Applications

    Throughout the previous decade, cryptocurrency has been the topic of unprecedented attention. The technology was promoted as a way of i . d verification, supply-chain monitoring, and fraud management. Unlike traditional foreign currencies, cryptocurrency is stored digitally and is accepted simply by individuals as being a medium of exchange.

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    Quite a while ago, non-public companies began to explore the application of blockchain for business applications. These companies included the Linux Foundation, which usually created Hyperledger, and R3, that leads a large bloc that created Corda. Many large cryptocurrency networks have begun to research the use of proof-of-stake algorithms.

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    Although there is a growing requirement for cryptocurrency regulation, the EU legal system hasn’t yet developed any framework that will take care of users’ interests. Some EUROPEAN Member Reports treat cryptocurrency like a forex, while others prohibit its value to banks and securities companies. This could influence the growth of the crypto market.

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    A functional group was made in the EU to talk about the legality of cryptocurrency. This group was in the future supported by the European Legislative house. It recommended creating a framework to cope with the various problems related to the cryptocurrency market.

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    The Western european Council granted a decision in February 2016, stressing the need for making changes to EU laws. It labeled the three current frameworks as a way of addressing research queries. Using these kinds of frameworks, the working group created a new system. This platform suggested that crypto industry was not well-regulated and suggested the potential for the currency to work in Africa.

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