According To EU Report: banning or ignoring crypto is incorrect ?

European Parliament has recently issued a report discussing taxation of crypto, its potential interference with the banks' monopoly in the financial system, and overall treatment of cryptos: “Virtual currencies and central banks monetary policy: challenges ahead”.

The paper claims that ignoring cryptos and banning them is "incorrect", they should be treated just like any other financial instrument, "proportionally to their market importance, complexity, and associated risks", and more importantly, this kind of regulation should be harmonized across jurisdictions.

Also, the report claims cryptos should be taxed similarly to "investment in other financial assets".

Interestingly, the paper also claims that cryptos can substitute fiat currencies "in extreme cases, such as during periods of hyperinflation, financial crisis, political turmoil, or war".

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