Blockchains Proponent MEP Eva Kaili Says ICOs Are Needed To Bypass Overregulation From Banks

At the ongoing Decentralized 2018 blockchain conference in Athens Member of the European Parliament (MEP) Eva Kaili said that the European Parliament is preparing reports on ICOs so that it can be a viable crowdfunding tool. She even revealed that the Parliament had even released EUR 700 million to fund blockchain startups.

”We really need [ICOs] when banks are overregulated and projects need liquidity… we must try not to overregulate them and stop innovation.”

Although she even said that the ICO markets attract a lot of scams.

“I have seen people buy for the hype but on the white paper, it states they own nothing… Fraud is fraud. We don’t need regulation to stop that.”

According to her, European nations like France and Malta have the most progressive blockchain legislation. Although there are other countries that are emerging.

Decentralized 2018 is taking place from November 14th to 16th. This world-class summit features 70+ speakers from over 50 countries, exchanging knowledge and ideas on the innovative business and political implications of blockchain technologies and cryptocurrencies. Over 20 companies from Greece and abroad have participated as exhibitors, presenting their innovative products and services to 1,000 attendees, mainly business executives, as well as academics, researchers and students.

This year’s conference engaged with the impact of blockchain technology in areas such as financial services, supply chain management, health, public administration, and education. Additionally, there were thematic discussions on the impact on legislation and the regulatory framework (e.g. GDPR); the formulation of policies at the European level; the social and ethical dimensions of the blockchain; and other key areas.

In parallel, the latest technological developments, as well as scientific papers, were presented, dealing particularly with the convergence of the blockchain with other technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT).

Kalli even though a big proponent of the technology, said that it is still plagued with issues like scalability, energy efficiency, and safety.

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