Activities of Miguel VIEGAS related to 2016/2007(INI)
Plenary speeches (2)
Virtual currencies (A8-0168/2016 - Jakob von Weizsäcker) PT
Virtual currencies (short presentation) PT
Shadow reports (1)
REPORT on virtual currencies PDF (328 KB) DOC (127 KB)
Amendments (11)
Amendment 13 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas this is a state of affairs which is still in flux and is far from being stabilised and its social and economic impact is still very limited;
Amendment 15 #
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas there are still many unanswered questions in relation to such important aspects as access to the virtual currency and the restrictions on the process of creating it;
Amendment 16 #
Motion for a resolution
Recital C c (new)
Recital C c (new)
Cc. whereas the high volatility of such currencies, in particular Bitcoin, and its lack of correlation with any currency or other reference value, and the fact that over 80% of transactions have a purely speculative function still prevent virtual currencies from performing the basic functions of a currency, such as serving as a medium of exchange, a unit of measure and store of value;
Amendment 19 #
Motion for a resolution
Recital C d (new)
Recital C d (new)
Cd. whereas transaction costs go far beyond the operating costs associated with trade, as they involve generating widespread confidence among the general public, something that virtual currencies are still far from being able to provide;
Amendment 22 #
Motion for a resolution
Paragraph 1 – point a
Paragraph 1 – point a
(a) dramatically lowering transacoperational costs for payments and transfer of funds, quite possibly well below 1 %, compared to 2% - 4% for traditional online payment systems, and to more than 7 % on average for the cross-border transfer of remittances, hence potentially reducing global total costs for remittances by up to EUR 20 billion; __________________ 21 https://www.eba.europa.eu/documents/101 80/657547/EBA-Op-2014- 08+Opinion+on+Virtual+Currencies.pdf 22 https://remittanceprices.worldbank.org/site s/default/files/rpw_report_december_2015. pdf
Amendment 31 #
Motion for a resolution
Paragraph 1 – point d
Paragraph 1 – point d
(d) enabling systems that combine ease of use, low transacoperational costs and a high degree of privacy, but without full anonymity so that transactions can be traced back in case of malfeasance;
Amendment 37 #
Motion for a resolution
Paragraph 2 – introductory part
Paragraph 2 – introductory part
2. Notes that VCs and DLT schemes entail risks which need to be addressed appropriately, including in present circumstances, so as to generate confidence and lower transaction costs:
Amendment 50 #
Motion for a resolution
Paragraph 2 – point d a (new)
Paragraph 2 – point d a (new)
(da) the possibility that, as the costs associated with verification increase, so the incentives to create a virtual currency may decrease, leading to a concentration of supply of the currency and possible controls on and manipulation of the entire process;
Amendment 60 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Declares, however, that if a regulation is adopted at a very early stage, it may not be adapted to a state of affairs which is still in flux and may convey a wrong message to the public about the virtuality or security of virtual currencies;
Amendment 82 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls for a proportionate and prudent regulatory approach so as not to stifle innovation at an early stage, while taking seriously the regulatory challenges that the widespread use of VCs and DLT might pose;
Amendment 98 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Recommends a reviewthat an assessment be carried out of the EU legislation on payments, including PSD and EMD, in light of the new possibilities afforded by new technological developments including VCs and DLT, with a view to further enhancing competition and lowering transaction costs, including by means of enhanced interoperability and possibly also via the promotion of a universal and non- proprietary electronic wallet;